Kwik Save given time to find funds

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The firm appointed restructuring experts last month to find new funding, with a deadline of Friday to complete refinancing or call in administrators.

Kwik Save said it had secured a court adjournment to an application for an administration order to give directors more time to agree a refinancing package aimed at securing the future of the business.

Staff were told on Thursday that Kwik Save was closing another 22 stores in a move described by the Usdaw union as a "devastating blow" to workers.

The company announced last month it was closing 79 stores but said this week that 20 of those would reopen.

The announcement means that 81 Kwik Save supermarkets will close, leaving the firm with fewer than 150 stores.

Kwik Save said in a statement: "His Honour Judge Hodge granted the request for an adjournment, observing that this would give the directors the opportunity to complete their proposals for a refinance.

"This was likely to be in the interests of creditors and may save many jobs which may be at risk if the Administration Orders were not made and the Group was placed in liquidation. In the interests of all stakeholders, the directors of Kwik Save Limited have been seeking the agreement of a refinancing package that will secure the future of this very complex and diverse business.

"Over the past 10 weeks, since the business was taken over by new management, there has been considerable time and capital injected. However, it became evident that unless the business was restructured, additional funding would not be forthcoming and it would not have a strong financial future."

The troubled retailer appointed consultants KPMG last month to help find new funding despite securing a refinancing deal worth £50 million earlier this year.