Wilko boss issues emotional statement as beloved chain goes bust

10 August 2023 , 12:22

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Wilko boss issues emotional statement as beloved chain goes bust

The boss of Wilko, which collapsed earlier today and put 12,000 jobs at risk, says he had “no choice” in an emotional statement to staff and customers.

The discount household goods chain - which has been a staple of the high street for nearly a century - failed to secure a rescue deal to help with “mounting cash pressures”. As a result its 400 shops and thousands of workers are at risk.

Earlier this week, specialist investors Gordon Brothers, Alteri Investors and Opcapita were reported to have but now PricewaterhouseCoopers (PwC) will handle the administration process for Wilko.

CEO Mark Jackson said: “Over the past six months Wilko has been very open that we’ve been considering options to accelerate a turnaround plan given that we needed to make significant changes to the way we operate to restore confidence and stabilise our business. We left no stone unturned when it came to preserving this incredible business.

“While we can confirm we had a significant level of interest, including indicative offers we believe would meet all our financial criteria to recapitalise the business, without the surety of being able to complete the deal within the necessary time frame and given the cash position, we’ve been left with no choice but to take this unfortunate action.

Wilko makes huge change to over 400 UK stores - and it's good for shoppers

“I’d like to take this opportunity on behalf of the directors and the Wilkinson family to thank all of our customers, suppliers, partners and our hardworking team members across our stores, logistics and support centre who remained loyal to Wilko. We’ve all fought hard to keep this incredible business intact but must concede that time has run out.”

Wilko had filed a earlier this month. At the time, Mr Jackson said the business had received offers of help - but none were “able to provide sufficient liquidity” it needed.

It had been reported last month that Wilko was exploring a sale of the business, as well as considering a company voluntary arrangement (CVA) to slash rents at stores. Wilko has already borrowed £40million from Hilco UK, specialist retail investor and lender which owns Homebase.

The retailer has struggled over the past decade, with retail analysts suggesting it has failed to keep up with competition from discount chains like Poundland and B&M. Like other high street chains, Wilko has also been hit by inflationary pressures and rising costs.

The discount chain swung to a £37million loss in its year-end results. Last year saw Wilko close 13 stores from a , which it said was the result of a number of leases coming to an end.

Full list of Wilko stores at risk

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  Wilko is bringing back its half price pick and mix sweet deal for the half term

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Antony Clements-Thrower