Wilko: More than 8,000 jobs could be saved as HMV owner nears rescue deal for majority of stores

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A Wilko rescue deal from the owner of HMV could save thousands of jobs

A rescue deal for the majority of Wilko stores from the owner of HMV is close to being finalised, according to reports. The move could save between 8,000-9,000 jobs with a source telling Sky News HMV owner Doug Putman intends to save more than 300 stores.

The HMV boss has reportedly approached financiers including Gordon Brothers, the specialist retail investor, about backing a deal. One source told Sky News: "It’s still in the balance but it is beginning to look more positive that a deal can get done." It’s been reported a deal could be announced in the next few days.

PwC, the Wilko administrator’ announced its first round of redundancies on Thursday (August 31) after another deal which claimed to be able to save the whole business collapsed. As a result, workers at Wilko’s support centre in Worksop and distribution centres in Worksop and Newport are to be made redundant.

The roles will formally be made redundant from the close of business on Monday, September 4. This will affect around 269 roles at the Wilko support centre, while more job cuts across the two distribution centres will be announced early next week. A further 14 staff at Wilko’s subsidiary - Kin Limited - will also be made redundant.

After the announcement, Jane Steer, joint administrator at PwC, said: "It’s with great sadness that we announce these redundancies. We’re incredibly grateful to these team members for the support and dedication they’ve shown to the company, particularly over the last few very difficult weeks."

A Canadian businessman is launching a last-minute bid to save stricken retailer Wilko, it is understood. (Photo James Manning/PA Wire)A Canadian businessman is launching a last-minute bid to save stricken retailer Wilko, it is understood. (Photo James Manning/PA Wire)
A Canadian businessman is launching a last-minute bid to save stricken retailer Wilko, it is understood. (Photo James Manning/PA Wire)

GMB Union, who represent Wilko staff said to its members after PWC’s announcement: "For staff in stores and online, PWC are continuing to assess bids and we remain hopeful that there is one from a viable buyer on the table. However, at this stage, we cannot in any way guarantee this and must therefore continue to prepare for the worst."

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