KPMG is believed to be trying to raise capital to secure Kwik Save's future and is working alongside chief executive Paul Niklas, who led a buy-out of the business earlier this year.
Kwik Save shut a third of its stores earlier this week amid speculation that it had failed to pay some suppliers. The retailer said in a statement that the closures were necessary to help 'secure the future of the business'.
In February, Niklas led a£50 million refinancing, backed by Irish property tycoon Brendan Murtagh. It is unclear how much of the£50 million package has been paid into the business.
Kwik Save has struggled to compete with powerful players in the discount market such as Aldi and Lidl and has been hit hard by Tesco's expansion in the convenience sector.
Kwik Save declined to comment.