Potential buyers step in to rescue popular brand
Wilko's competitors are considering making a bid to save the struggling chain from closing down. Brands such as B&M, The Range, Poundland, and Home Bargains have expressed interest in saving hundreds of shops from closure and preventing thousands of job losses.
Administrators set deadline for indicative offers
The administrators at PwC have given potential buyers until the end of Wednesday to submit indicative offers. They will then create a shortlist for second-round bids by Friday.
Buyers can choose parts of the business
The insolvency process allows buyers to selectively choose which parts of the business they want to acquire. This means that a rival competitor could opt to save both the stores and the brand, or they could choose to only purchase the remaining stock or brand name.
Mixed expressions of interest
Early expressions of interest show a mix of offers, with some retailers interested in acquiring as many as 300 stores to preserve the most jobs. The majority of offers, however, are for around 40 to 50 stores. It is also rumored that one bidder is keen on keeping the Wilko name.
Businesses in the running
B&M, a popular discount retailer, has expressed interest in saving parts of Wilko's business. The chain, which was founded in 1978, currently operates over 700 stores nationwide. It is unclear which other businesses are vying for the purchase.
No deal is guaranteed at this stage, as sources caution that negotiations are still ongoing.
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