Last-Minute Bid Emerges to Save Wilko
Reports indicate that a second last-minute bid has surfaced to rescue struggling retailer Wilko, which plunged into administration two weeks ago, casting uncertainty over the future of its 400 stores.
Administrators from PricewaterhouseCoopers (PwC) have actively sought bids from interested parties in a bid to safeguard both jobs and stores. The GMB union has stressed the importance of prioritizing bids that secure employment.
The latest bid, valued at £90 million, has come from restructuring specialist M2 Capita, as reported by The Guardian. This bid, if successful, could potentially preserve the entire Wilko chain's trading operations.
In response to the news of this second bid, Andy Prendergast, GMB national secretary, commented, “The devil is in the detail but any bid that guarantees jobs must be prioritised. PwC must recognise that creditors are not the only people with a stake on this – working people’s livelihoods must be the priority.”
Notably, Canadian entrepreneur Doug Putman, who acquired music retailer HMV in 2019, was also believed to be in the process of making an offer. However, the BBC reported that his offer may not meet legal requirements. PwC has referred to discussions about Putman's bid as "speculation."
A spokesperson from PwC stated, "Since our appointment as administrators of Wilko, we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties. As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole. It would be inappropriate to comment on individual bidders or interested parties at this stage in the process."
Wilko's history dates back over 90 years, originating as a single hardware shop in Leicester in 1930. The company was established by James Kemsey Wilkinson, and its initial store opened under the Wilkinson Cash Stores brand on Charnwood Street.