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Wilko: Council leader statement after deal to buy whole business fails

Following the latest announcement from administrators PwC today regarding the potential sale of Wilko, Cllr James Naish, Leader of Bassetlaw District Council, has released the following statement.

Cllr Naish said:

“The latest news reported today is another blow to our hopes to see Wilko as a whole rescued.

“However, we continue to be in regular contact with the administrators, the unions and other stakeholders to ensure that we are ready to support Wilko employees affected by this latest development when and as required.

“Protecting as many workers as possible should remain everyone’s top priority at this time and we are proactively looking at all options locally to keep the Bassetlaw site active.

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“It is vitally important that sustainable offers are quickly but fully assessed by the administrators, and we welcome engagement from organisations that are able to provide certainty to the Wilko workforce.”

Wilko, a long-standing High Street retail giant, is set to lay off hundreds of its employees in the immediate future, according to statements from the company’s administrators.

This wave of job cuts follows the unsuccessful acquisition attempt by M2 Capital, which failed to finalise the necessary paperwork within the stipulated timeframe.

PwC, the firm responsible for managing the sale of Wilko, has indicated that there were no credible offers to acquire the entire business. However, there is a glimmer of hope as negotiations are currently underway with Doug Putman, the owner of HMV. If successful, this deal could potentially rescue approximately 300 Wilko stores and save thousands of jobs.

Wilko, a cornerstone of British retail, plunged into administration this past August, jeopardizing the livelihoods of 12,500 employees across its 400 locations. While talks with Putman continue, the future of the discount chain and its workforce hangs in the balance.

 

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