Founded in 1930 by James Kemsey Wilkinson and his fiancée, Wilko (formerly known as Wilkinson) has faced numerous challenges in recent years. The business experienced difficulties during and after the pandemic, which resulted in disruptions to their supply chain and a decline in customer footfall. Furthermore, increased competition from rivals such as Home Bargains, Poundland, and B&M has put additional pressure on the company.
In an effort to fund a turnaround, Wilko secured a £40 million loan from restructuring specialists Hilco UK, the owner of Homebase, in early 2023. Despite making significant savings and enhancing their digital offering, the company’s efforts have fallen short.
According to Ms Steer, the current climate has made it challenging for high street retailers, with reduced consumer spending, inflationary pressure, and rising costs impacting the industry. The appointment of administrators has undoubtedly been an unsettling development for all involved, but discussions with potential buyers to acquire the business, either in whole or in part, will continue.
While investment firm Gordon Brothers, owner of Laura Ashley, held talks with Wilko regarding a potential rescue deal, they ultimately decided against it. This decision was preceded by Wilko’s suspension of home deliveries, signaling a potential collapse.
Joining a list of retailers that have gone bankrupt in recent years, including Debenhams, BHS, and M&Co, Wilko’s current situation reflects the challenges faced by the industry.
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