Kwik Save secures rescue package

Beleaguered Kwik Save has agreed a rescue package with a private consortium of investors led by Paul Niklas worth£50 million.

Niklas has been appointed chairman and chief executive officer of the 229-store chain. He said: 'Kwik Save has been through an unsettling period of uncertainty in recent. I recognise that there will be difficult decisions to be taken over the coming months to ensure Kwik Save survives in an increasingly competitive market.'

Niklas said he will work hard to develop relationships with existing and new suppliers initially to ensure stock is replenished, before implementing a long-term strategy.

This latest financial investment has secured the retailer's future, and the new board has promised to give the ailing business an overhaul by reviewing its entire product range, services and operations.