Long-established variety store retailer Wilko which operates from some 400 sites across the UK has been forced to file a notice of intention to appoint administrators as a means of buying time to either secure further funding or sell the business.
Wilko CEO Mark Jackson explained: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all of our financial criteria to recapitalise the business, at present, we don’t have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.”
Wilko’s problems have been widely publicised and it is known to have secured emergency funding from Hilco earlier this year. Wilko’s management team is now being advised by PwC and has already brought in CBRE to negotiate with store landlords. More than 12000 jobs are at risk.
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