// Wilko managing director Alison Hands has taken a role as CEO of Lincolnshire Co-op
// Wilko is currently in negotiations to secure emergency funding
Wilko managing director Alison Hands is leaving the discount retailer, which is currently in emergency talks with lenders to secure a £30 million lifeline.
Hands will take on the role of CEO of Lincolnshire Co-op next year, according to The Grocer.
She will replace veteran Ursula Lidbetter, who announced her retirement in March.
Hands has more than 30 years of retail experience, including with M&S, The Body Shop, and Boots.
She has been at Wilko since 2018, starting as commercial execution director before moving on to trading director then managing director in 2021.
Hands will stay on at Wilko until January to “ensure a smooth transition”, according to CEO Jerome Saint-Marc. She will take over at Lincolnshire Co-op in April.
Her departure comes as Wilko seeks to secure a £30 million cash injection.
The discounter is understood to be in talks with Bantry Bay, an Elliott Advisors-backed firm specialising in “commercial driven and creative debt capital solutions to corporates undergoing change”.
This comes as the struggling chain retailer was unable to agree to an extension of its revolving credit facility due to interest rate hikes, hence its decision to discuss plans with alternative lenders.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Wilko recently sold its Worksop based warehouse to DHL for £48m in a sale and leaseback deal.
On her new appointment, Hands said: “I’m honoured to be joining this values-driven organisation, which continues to build on its success, whilst delivering its purpose to make life better in communities.
“I’m excited to be charged with leading the society through the next phase of its development, as we collectively tackle the challenges of the current external environment.”
Lincolnshire Co-op chair David Cowell said: “Under Ursula’s expert leadership, our society has flourished. She’s overseen our busy programme of work throughout 2022 and will be retiring, leaving Lincolnshire Co-op in a great position for the future.
“We welcome Alison to the society with the knowledge she will continue this good work and help us move forward.
“She brings a wealth of experience and insight, as well as a deep understanding of bricks and mortar retail and what that means to customers. She’s also passionate about our purpose and values.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
