Irish property company Howard Holdings is poised to buy struggling supermarket Kwik Save

In a deal designed to rescue the retailer, Howard Holdings is expected to take a majority share in the company. It is expected to complete by 16 February.

Kwik Save confirmed this morning, that an investment deal had been agreed. In a statement the retailer said: ‘The Kwik Save Board is pleased to announce that a substantial investment agreement for the business has been signed.

‘As part of this agreement, the new investment company will be taking a majority stake in the business. A new CEO and chairman will be appointed. Details of this will be announced in due course.

The business will now move to implement its strategy to ensure Kwik Save has a successful and secure future.’