Wilko has been given millions of pounds of additional funding to help secure its future by one of the high street’s most prolific investors and owner of Homebase and Cath Kidston, Sky News reports.
Hilco has agreed to lend about £5m to Wilko as the general merchandise retailer faces an intensifying cash squeeze.
The new debt adds to the £40m loan Wilko secured from Hilco back in January.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Last week news emerged that the owners of Wilko are considering the sale of a controlling stake as it races secure the chain’s future.
The retailer is understood to have begun sounding out prospective buyers in the last few days in a bid to raise tens of millions of pounds in new funding.
Sources said that several large general merchandise chains had been approached about recapitalising the retailer in a move that could see the Wilkinson family surrender majority control.
Wilko, which currently employs about 12,000 people and trades from 400 stores, is one of the biggest privately owned retailers in Britain.
Last week, chief executive Mark Jackson said: “We’ve been very open that we’re exploring all the options available to rebound as a business and maximise the significant opportunities that we know exist.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
