Home Business News The ‘incompetency of Wilko bosses’ has led to the business ‘beyond saving’

The ‘incompetency of Wilko bosses’ has led to the business ‘beyond saving’

by LLB staff reporter
11th Sep 23 11:42 am

In a last-ditch attempt to secure a deal for Wilko by the owner of HMV has now failed and the GMB Union has said the family business “appears to be beyond saving.”

HMV owner Doug Putman of Putman Investments had been in discussions with administrators to buy around Wilko shops.

Putman, founder of Putman Investments, said, “It is with great disappointment that we can no longer continue in the purchase process for Wilko having worked with administrators and suppliers over several weeks to seek a viable way to rescue it as a going concern.

“We had financing in place and received the full support of PwC, Wilko management and staff representatives, which we are deeply thankful for considering what a challenging time it has been for them.

“However, commitment to overhauling the trading framework of the business with partners and the costs of running Wilko’s legacy operations infrastructure combined has meant that a stable foundation could not be secured to ensure long-term success for the business and its people in the way that we would have wanted.”

Administrators from PwC are now in talks with Poundland for a possible deal to offload 100 stores, Sky News reported on Monday.

There will be 1,016 redundancies this week as 53 store will close for the last time, on 12 September 24 stores will close, and 28 will shut on 14 September.

Nadine Houghton, national officer for the GMB union, said, “Due to the incompetency of Wilko bosses the deal has now run out of time.

“If the owners had been transparent and honest, thousands of loyal Wilko workers may not now be in this awful position.

“This is another devastating blow for them, who have seen their lives and futures gambled on the whims of millionaires and billionaires.

“Wilko bosses should be ashamed that this once great family business now appears to be beyond saving.”

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