Home Business News Wilko collapses as bidder misses deadline sparking ‘the redundancy processes’

Wilko collapses as bidder misses deadline sparking ‘the redundancy processes’

by LLB Finance Reporter
31st Aug 23 1:55 pm

The only potential bidder for Wilko has missed the deadline and it is “now clear” there is no viable structure to save the company which employs 12,500 workers.

Administrators PWC said that 269 jobs at Wilko’s support centre will be made redundant.

Earlier this month Wilko which has 400 stores collapsed due to competition from rival retailers, supply chain issues and inflationary pressures hit the company.

PWC said, “Since their appointment, the administrators have been working closely with Wilko, its employees and suppliers and have considered multiple varied bids and expressions of interest related to the group.

“While discussions continue with those interested in buying parts of the business, it is now clear that no viable offer structure put forward includes the group in its entirety.”

Joint administrator Jane Steer said, “It’s with great sadness that we announce these redundancies.

“We’re incredibly grateful to these team members for the support and dedication they’ve shown to the company, particularly over the last few very difficult weeks.”

GMB union said they were told at a meeting with PwC on Thursday, “the one bid for the entire business has fallen through as the bidders have failed to provide the necessary evidence to show that they had the finances necessary to purchase the company despite being given numerous opportunities to do so.”

The union added, “For staff in stores and online, PwC are continuing to assess bids and we remain hopeful that there is one from a viable buyer on the table.

“However, at this stage we cannot in any way guarantee this and must therefore continue to prepare for the worst.”

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