HMV boss was just hours away from rescuing Wilko and saving 10,000 jobs

24 November 2023 , 19:17

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HMV owner Doug Putman was just hours from taking over Wilko (Image: PHILIP COBURN)

HMV owner Doug Putman has revealed he came close to rescuing Wilko and saving up to 10,000 jobs.

But the Canadian tycoon said the move was scuppered by the homeware chain’s big suppliers.

Wilko collapsed shortly after in August, with 12,500 staff axed. Mr Putman, 39, said: "We had a deal, I flew in to sign it. We were 12 hours away. It would have been around 250 stores of the 325 that were left then. Around 9,000 or 10,000 jobs would have been saved."

But he said firms ­responsible for Wilko’s IT systems refused to budge on fees due. Mr Putman added: "It was impossible to make it work." So far, more than £42million has been paid to 9,800 Wilko staff axed, under the Government’s Insolvency Service. Former bosses are to be grilled by MPs over the collapse on Tuesday.

HMV boss Doug Putman has overseen a revival of the company's fortunes including reopening its flagship Oxford Street store (Ian Vogler / Daily Mirror)

They include ex-chairman Lisa Wilkinson. Her family ran the firm and are expected to be quizzed on why they took millions of pounds out in dividends.

Wilko makes huge change to over 400 UK stores - and it's good for shoppers

Mr Putman has breathed life into HMV since buying the record chain out of administration in 2019. Its flagship store on London’s Oxford Street – the site of its first shop in 1921 – was reopened yesterday after a major £1million refit by ska and pop legends Madness.

But Mr Putman criticised No10 for not doing enough for the struggling high street. He said: "The Government is not helping it enough. You can’t keep solving ­problems by either taxation or forcing business to pay more."

Graham Hiscott