Kwik Save has been given more time to develop a refinancing plan.

The troubled discount retailer, which announced 22 further store closures last week, secured a court adjournment on Friday to allow directors to agree a re-financing package.

“His Honour Judge Hodge granted the request for an adjournment, observing that this would give the directors the opportunity to complete proposals for a re-finance,” the retailer said in a statement.

“This was likely to be in the interests of creditors and may save many jobs which may be at risk if the Administration Orders were not made and the group was placed in liquidation.”