Wilko secures £40 million funding from Hilco
Wilko has secured a £40 million lifeline from restructuring specialist Hilco.
The homewares retailer has agreed the two-year credit facility after falling to a £36.8 million pre-tax loss in the year to January 2022. Last year, Wilko warned that it could run out of cash without an injection of fresh funding and sold and leased back its distribution centre in Worksop to enable it to pay down debts.
Wilko has also rejigged its leadership with the announcement that Lisa Wilkinson, the granddaughter of its founder, will be stepping down as chair. She will be succeeded by former Bensons for Beds chair Chris Howell, although she will remain on the board as a “family director”.
The company has recently appointed Mark Jackson as chief executive. Meanwhile managing director Alison Hands will step down this month after around 18 months in the role.
Wilkinson said: “We’re making necessary changes to restore confidence and safeguard the future of the business.
“That includes making sure we have the right leadership in place, one aligned team with the right expertise to deliver the experience our customers are demanding of us.”
