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Wilko suspends jobs losses as administrators consider rescue bids

Potential redundancies at Wilko have been put on hold as administrators of the collapsed discount chain consider last-minute rescue bids. After meeting with administrators from PwC… View Article

GENERAL MERCHANDISE NEWS

Wilko suspends jobs losses as administrators consider rescue bids

Potential redundancies at Wilko have been put on hold as administrators of the collapsed discount chain consider last-minute rescue bids.

After meeting with administrators from PwC yesterday, the GMB Union said there had been a discussion about a number of potential bids and that it had received assurances that any redundancy process for Wilko workers was suspended.

Restructuring firm M2 Capital is in the running to take over the business as well as Doug Putman, the owner of HMV in the UK and Toys R Us in Canada. According to The Telegraph, Australian discount chain Kmart has also held talks regarding a potential rescue deal.

Meanwhile, The Financial Times has reported that M2 has complained to PwC about the bidding process, with its chairman Robert Mantse saying that it had to submit a final offer and proof of financing on the UK bank holiday, without being given access to a secure data room to examine Wilko’s finances.

A spokesperson for PwC said: “Since our appointment as administrators of Wilko, we have worked relentlessly to secure a sale of the business. We are actively engaging with all interested parties and assessing the deliverability of all bids made.

“As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of creditors as whole.

“It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”

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