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Somerfield checks-out of Kwik Save

Somerfield, the UK supermarket group bought by Apax in December 2005, has sold its discount food chain Kwik Save. The sell off sees 171 outlets sold to a new company set-up specifically to run the stores called Back to the Future, which is headed Richard Kirk, CEO of Peacocks, the UK clothing retailer.

Financial details have not been disclosed for the sale, but, along with a further 77 Kwik Save stores being sold to rival retailers, Somerfield expects to make £200m.