Howard Holdings thought to be buyer
Troubled grocer Kwik Save is understood to have been sold to Irish property company Howard Holdings.

The supermarket chain confirmed that a 'substantial investment agreement for the business has been signed', which will be completed by February 16, and that the new owner would implement a strategy to ensure Kwik Save has a successful and secure future. However, it declined to say whether Howard holdings was the new owner.

The 229-store grocer has suffered numerous problems since it was bought from Somerfield by a consortium of private investors through the Back to the Future vehicle last February.

Kwik Save has suffered huge supply problems since the BTTF deal. Retail Week visited five stores in Coventry and Sheffield last weekend and found that the grocer had very little stock left.

The largest shareholder in Howard Holdings is Brendan Murtagh, from the Murtagh family, who founded property company Kingspan and has large stakes in a number of Irish companies.

A further announcement from Kwik Save is expected later this morning. A new chairman and chief executive will be appointed imminently.