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Wilko hires property agents ahead of rent cut talks

Wilko has appointed property agent CBRE in a move which could see the retailer ask landlords for a reduction in store rents. According to Sky News,… View Article

GENERAL MERCHANDISE NEWS

Wilko hires property agents ahead of rent cut talks

Wilko has appointed property agent CBRE in a move which could see the retailer ask landlords for a reduction in store rents.

According to Sky News, Wilko made the move ahead of negotiations with shop owners which are due to commence in the coming weeks.

A source told the news outlet that Wilko is unlikely to close a significant number of its stores as part of a company voluntary arrangement (CVA), which is moving closer. The retailer will instead look to achieve a series of rent reductions across its estate.

Mark Jackson, Wilko’s chief executive, told Sky: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with new streamlined senior team and a strategic plan to first stabilise the business and then implement its growth strategy.

“We’re in the early stage of the turnaround and, as is usual, the directors continue to all the options for Wilko’s long-term future. We’re confident with the right actions, we’ll continue to stay be a key feature on the British high street and expand our omnichannel offer.”

The retailer has not commented on the appointment of CBRE.

Earlier this year, Wilko secured a £40 million lifeline from restructuring specialist Hilco. The retailer currently has around 400 shops around the UK.

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