Wilko could be saved as collapsed retailer receives several rescue bids

17 August 2023 , 10:03

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Wilko could potentially be saved as rescue bids have reportedly been made (Image: Getty Images)

Wilko still has a chance of being saved from collapse as several rescue offers have been put forward.

Indicative bids were made yesterday evening and they are currently being looked into. Earlier this week, the chain's administrators at PricewaterhouseCoopers (PwC) set a Wednesday deadline for any interested parties to come forward to save Wilko. PwC is yet to confirm how many possible bids have been submitted.

According to reports, not all Wilko stores would be saved if a rescue deal is accepted as the firm that takes over can choose to only save part of a business once it has entered administration. Interested parties are reported to be offering to save between 40 and 300 Wilko stores. This means a large number of redundancies is still possible.

This week, it was reported that discount retailers B&M, The Range, Poundland and Home Bargains had all expressed an interest in bidding for Wilko. It is also understood that at least one of the potential bidders is keen to keep the Wilko name. However, no deal is guaranteed.

Wilko collapsed into administration last week after failing to find new funding. The move put 12,500 jobs at risk with 400 stores potentially set to close. Andy Prendergast, national secretary of the GMB union, which represents around a third of Wilko staff, has been in discussions with administrators and has said there were reasons to be hopeful.

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When Wilko announced its administration, chief executive officer, Mark Jackson, said that the company had "left no stone unturned" in a bid to save the chain. Earlier this year, it was reported that the owners of the chain were considering a sale of the company in a bid to secure its future.

Wilko is considered the biggest privately owned retailer in Britain having 408 stores across the UK employing over 12,000 people. The Wilko chain's founder James Kemsey 'JK' Wilkinson opened the first Wilko store in Leicester in 1930 and over the last 90 years, it has remained in the ownership of the founding family.

The Mirror has contacted PwC for comment.

Ruby Flanagan