Somerfied has sold its discount brand Kwik Save to an entrepreneurial band of businessmen, BTTF.
BTTF bought the brand and 171 stores for an undisclosed sum and has announced plans to reposition it in the market as a leading convenience store.
The move follows Kwik Save’s repeated poor performance; it is speculated to have lost several million pounds over the last five years, despite considerable investment.
Somerfield will keep 102 of the former Kwik Save stores and has announced plans to rebrand them under the Somerfield banner. The remaining 77 outlets have been sold off to rival retailers, thought to include discount chains Netto and Aldi.
Paul Niklas, BTTF chief executive, said: “Today marks a recommitment to the Kwik Save brand and its already strong local presence.
“We will, over time, be refreshing the store image while maintained the existing offer of quality branded products at competitive prices.”
