Wilko Ltd. - Case Update

The Joint Administrators of retail giant Wilko have faced a number of issues since their appointment earlier this month.

Jane Steer, Zelf Hussain and Edward Williams of PwC were appointed Joint Administrators on 10 August 2023, after the company failed to agree a rescue deal. Since their appointment, the Joint Administrators have worked to find a buyer for the business while stores have remained open.

Two offers have reportedly been made: one by HMV owner Doug Putman, which reportedly contemplates that 350 of the company’s 400 stores will stay open and £40 million will be paid back to Hilco, and the other by M2 Capital, which reportedly contemplates a £90 million payment and the continued trading of the entire Wilko chain.

M2 Capital recently criticised the sale process, questioning whether it was “fair and transparent”, accusing PwC of trying to force it to not continue participating in the process. PwC has wholeheartedly rejected the accusations.

Meanwhile, the Joint Administrators have also been engaging with the GMB union, and have agreed to suspend redundancies while they consider bids.

Further information on the administration can be found HERE.