An Exploration of the Absurdity Surrounding the Sale of Collapsed Wilko
Rescue hope: Doug Putman received bizarre voice messages from rival bidder Robert Mantse
The absurdity surrounding the sale of Wilko has brought attention to the chaotic nature of selling collapsed companies, attracting questionable individuals and opportunists.
Sources familiar with the sales process have expressed frustration with PwC, the administrators, who are obligated to consider every offer, regardless of its plausibility or professionalism.
This has resulted in valuable time being wasted while the clock ticks to save jobs.
Additionally, it has prolonged the agony for the 12,000 staff members who are now concerned about losing their jobs at one of Britain’s most well-known High Street chains.
News broke last weekend that M2 Capital, an Anglo-Canadian private equity firm, had made an £89 million bid for the struggling company, offering a glimmer of hope. Previously, the staff had been informed that there were no bidders for the entire business and that redundancies were imminent.
M2 Capital proposed saving all stores and jobs for at least two years, while also increasing staff wages by 3.5 percent.
However, talks with the new suitor fell through after administrators demanded more information about the financing, business plan, and legal representation.
Emails exchanged between Robert Mantse, the chairman of the private equity group, and the administrators, as seen by The Mail on Sunday, highlight the chaos that ensued.
Administrators were met with confusing and bizarre exchanges, including Mantse referring to one insolvency expert as a ‘silly bunny’.
He began one email with ‘Hola’ and signed off others with instructions for PwC staff to ‘be cool’ or with his Instagram handle – ‘jimmy.bond.008’.
In yet another absurd twist, Mantse approached another potential buyer to propose a partnership after his own bid was rejected.
It is now believed that the Canadian billionaire behind HMV, Doug Putman, is the leading contender in ongoing discussions, with a deal that could save hundreds of stores and thousands of jobs.
Sources close to the deal have expressed hope for further progress early this week.
Mantse sent Putman an unusual voice message via WhatsApp, as heard by The Mail on Sunday, in which he said: ‘You’re cooler than me man, I looked at your Instagram. Way cooler.’ However, he also made other, less complimentary remarks.
Robert Mantse was approached for comment.
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