Wilko administation 2023: Retailer collapses into administration putting 12,000 jobs at risk
Wilko has collapsed into administration putting 12,000 jobs at risk
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High street chain Wilko has appointed administrators after failing to secure a rescue deal, putting about 12,000 jobs at risk. The privately-owned firm, which sells everything from stationery to hardware items announced that it had filed notice of its intention to appoint administrators at the High Court last week.
The retailer, which has been on British highstreets since 1930 has been unable to find emergency investment to save its 400 shops across the UK. The firm’s boss, Mark Jackson, said management had “left no stone unturned” in its attempts to save the business.
“But must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration,” he said.
Last week, Wilko chief executive officer Mark Jackson said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.”
The Times reported that any buyer would have needed to pump in £25m to £ 30m to get supplies moving into Wilkos shops again, and an additional £40m is needed to pay off onerous debt owed to Hilco.