A new backer is set to make a "substantial" investment" in Kwik Save in a bid to save the soft discounter.

Kwik Save has been plagued by availability issues and a number of the UK's leading suppliers halted deliveries. But the fresh cash injection is expected to complete by 16 February, according to a press release, with a new CEO and chairman on board.

It is understood the new investor will take a majority stake in the business, but further details were not available as The Grocer went to press. Last week, The Sunday Times reported that ex-CEO Paul Niklas was putting together a bid.