Murtagh 'in bid to rescue' Kwik Save

The co-founder and director of building materials group Kingspan is reported to be considering a rescue package for troubled British supermarket chain Kwik Save.

Brendan Murtagh recently sold one third of his holding in Kingspan for close to €50 million, and he is also a director of Howard Holdings, which holds a significant stake in the supermarket chain.

Kwik Save appointed restructuring experts last month to find new funding, with a deadline of today to complete refinancing or call in administrators.

The company announced last month it was closing 79 stores but said this week that 20 of those would reopen. The news means that 81 Kwik Save supermarkets will close, around a third of the firm's total.

The troubled retailer appointed consultants KPMG last month to help find new funding despite securing a refinancing deal worth £50 million earlier this year.

Kwik Save, sold by Somerfield last year, has been facing problems with empty shelves, a collapse of sales, and suppliers refusing to deliver, despite the rescue package and the company claiming its future was secured.