03 August 2023 , 11:17
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Household and garden retailer Wilko has filed a Notice of Intention (NOI) to appoint administrators potentially putting 12,000 jobs and 400 stores at risk.
The news comes as Wilko's owners were reported to be exploring the sale of a controlling stake just last month.
In a statement from CEO Mark Jackson today, the chain confirmed that the retailer was struggling to find a buyer which provided the "necessary liquidity" in the time it has available "given the mounting cash pressures" it was facing. He added that the retailer, which has been a staple of the British high street for over 90 years, had no other choice.
In his statement, 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. Unfortunately, with this in mind, today we’re having to take the difficult decision to file a NOI."
It should be noted that Wilko has not yet filed for administration, but it shared that it intends to file for administration in the future. This does mean that the beloved retailer could be rescued from collapse.
Wilko makes huge change to over 400 UK stores - and it's good for shoppers
Earlier this year, it was reported that the owners of the chain were considering a sale of the company in a bid to secure its future. Wilko has confirmed that it will continue to progress in its discussions with interest parties for the foreseeable. Its aim is to complete a transaction which "preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible".
The statement added: "We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist. We’re a £1.2billion turnover business with strong presence on UK high streets through our 400 stores, online at wilko.com and through our great value Wilko own brand products, serving local communities with their everyday household and garden needs for over 90 years."
"That said, while we’ll continue to progress these indicative offers, without the surety of a recapitalisation being able to be completed within the necessary time frame and given the cash position, we’ve been left with no choice but to take this action."
As the retailer has 408 stores across the UK and employs about 12,000 people, it is considered the biggest privately owned retailer in Britain.
Last month Sky News reported that the family-owned business had appointed PWC to discuss Wilkos options on a rescue deal. It is currently being advised by PwC on prospective investors while property agents CBRE had been brought on board to negotiate with landlords.
Full list of Wilko stores at risk
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