Administrators Assess Rescue Bids in Urgent Effort to Preserve 12,000 Wilko Jobs

Efforts are underway to preserve thousands of jobs at Wilko as administrators consider various rescue bids.

The budget homewares retailer has recently entered administration, leaving 12,000 jobs, 400 stores, and the Wilko brand in jeopardy.

PwC, the appointed administrators, have set a deadline of the end of business on Wednesday for potential offers to save the company.

According to a source close to the deal, several bids have been submitted, and administrators are currently assessing the options in hopes of reaching an agreement by early next week.

The GMB union, which represents some Wilko staff and is working closely with PwC, expressed optimism, stating that there is still hope. The union had its first formal meeting with the administrators last night.

Collapse: Budget homewares retailer fell into administration last week, leaving 12,000 jobs, 400 stores and the Wilko name in the lurch

Potential buyers, including B&M European Value Retail, Poundland, The Range, and Home Bargains, are being considered. However, it remains uncertain if they would retain the Wilko brand.

Employees are concerned about the retirement fund at Wilko, as there may be a significant shortfall potentially resulting in reduced pensions. The Pension Protection Fund may rescue the scheme, but union representatives and staff are displeased with the decision to pay £77 million to owners and former shareholders over the past decade.

The Wilkinson family, who controlled the chain, has been urged by the GMB to address the pension fund deficit and ensure that workers are not burdened by the bosses’ financial failures.

Danni Hewson, head of financial analysis at AJ Bell, commented, “Market watchers have been eagerly awaiting updates from Wilko’s administrators following the bid deadline. With numerous staff anxiously awaiting news of their job security, everyone hopes for a positive outcome. However, the lack of information suggests challenging negotiations.”