Wilko: B&M is seeking a deal to take over around 50 stores

However, it had been hoped that a deal could be agreed which would see HMV owner Doug Putman take over from Wilko Sky News reports that the rescue deal may fail.

As a result, B&M could announce the purchase of around 50 Wilko stores this morning.

In the meantime, Sky News reports that Mr. Putman is still in constructive discussions with Wilko’s administrators about a scaled-down deal for less business.

The Northern Echo: Wilko's takeover puts over 400 stores and more than 12,500 jobs at risk across the UK.Wilko’s taking over puts over 400 stores and more than 12,500 jobs at risk across the UK. (Image: PA)

It was in August confirmed by the CEO of Wilko Mark Jackson that the company submitted a letter of intent.

He said: “While we can confirm that we have had significant interest, including indicative offers that we believe would meet all of our financial criteria to recapitalize the business, we do not currently have an offer that provides what is necessary.” Given the increasing liquidity pressures we face, we must provide liquidity in the time available to us.

“Unfortunately, against this background, we have to make the difficult decision today to submit a declaration of intent.

“We will continue to advance discussions with interested parties with the aim of completing a deal that preserves the business and encourage the interested parties with whom we are in discussions to move forward as quickly as possible.

“We continue to believe that our robust turnaround plan, with ongoing cost savings as we re-stabilize, will result in a profitable Wilko and maximize the significant opportunities we know exist.”

Administrators confirmed last week that 269 staff at the company’s Worksop support center would be on their last day with the company.

Redundancies are also set to begin at the company’s Worksop and Newport warehouses early this week.

Those responsible did not confirm how many warehouse employees would lose their jobs, but it is assumed that around 1,296 people work there.

The GMB union said last week it had called for redundancies to work with volunteers first.

There is still hope that administrators working for PwC can negotiate a deal that could save thousands of jobs at Wilko branches across the country.

https://www.thenorthernecho.co.uk/news/23768030.wilko-b-m-aiming-deal-take-around-50-stores/?ref=rss Wilko: B&M is seeking a deal to take over around 50 stores


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