Administrators at PwC have given a deadline of 5pm today for private equity M2 Capital to provide evidence that it has proof of funds to complete a rescue of the bust retailer.
M2 Capital made an eleventh-hour offer of £89 million to buy Wilko last Friday, putting it against competition from Doug Putman, owner of HMV, who has also made an offer to keep stores, jobs and the brand name.
Other discount retailers, including B&M Bargains, Poundland and The Range, have also offered to buy some of Wilko’s stores. However, sources say administrators at PwC are sceptical about the credibility of M2 Capital, which styles itself as an Anglo-Canadian buyout shop.
Wilko has fallen into administration, putting over 400 stores and roughly 12,500 jobs at risk.
Private equity M2 Capital and Doug Putman, owner of HMV, have made offers to buy Wilko and save the stores and jobs.
Other discount retailers, including B&M Bargains, Poundland and The Range, have also offered to buy some of Wilko’s stores.
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Wilko, the budget retailer, has been in administration for over two weeks, putting the future of its 400 shops and the jobs of 12,500 workers at risk. Administrators from PricewaterhouseCoopers (PwC) have been seeking offers from interested firms to save jobs and stores. M2 Capital, a private equity firm, has emerged as a potential buyer for the struggling retailer. However, administrators are likely to proceed with other bidders if M2 Capital cannot give them confidence about its financing by the deadline.
Founded in 1930 by James Kemsey Wilkinson, the company’s first store opened on Charnwood Street under the Wilkinson Cash Stores brand. Lisa Wilkinson, granddaughter of the chain’s founder, expressed her emotions in an interview, stating that everybody put their “soul and heart” into saving the chain.
In the meantime, Wilko workers have made a desperate request to shoppers ahead of potential store closures. The company’s employees are seeking jobs from other retailers, and a full list of retailers offering jobs to devastated Wilko staff has been compiled.
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Frequently Asked Questions
What is the Deadline for the New Wilko Bid?
The deadline for new bids for Wilko, the UK homewares chain, was Wednesday, August 30, 2023. Companies interested in acquiring the discount chain had until this date to make an offer.
Who are the Top Bidders for Wilko?
As of August 30, 2023, at least four retailers have expressed interest in acquiring Wilko. The identity of the top bidders has not been disclosed.
What is the Current Status of the Wilko Sale?
Wilko fell into administration last week, putting 12,500 jobs at risk. The sale of the company is currently in progress, with administrators weighing up rescue bids.
When Will the Wilko Sale be Finalised?
It is currently unclear when the sale of Wilko will be finalised. The process is ongoing, and no official timeline has been announced.
What Impact Will the New Wilko Owner Have on the Company?
The impact of a new owner on Wilko remains to be seen. It will depend on the identity of the successful bidder and their plans for the company.
How Will the New Wilko Owner Affect Employees and Customers?
The impact of a new owner on Wilko’s employees and customers will depend on the new owner’s plans for the company. It is currently unclear what changes, if any, will be made to the company’s operations or employment policies.
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