Wilko bidder M2 Capital has criticised administrators at PwC over whether the process was “fair and transparent” as pressure mounts for a rescue deal to be made.
The private equity firm wrote to the chair of PwC Bob Moritz on Tuesday to complain about the bidding process after submitting an offer of “more than $100m”.
It comes as the value retailer’s employees were given reprieve as job cuts were put on hold while administrators considered last-minute offers.
In a letter seen by The Financial Times, the private equity firm said it had to submit its final offer and proof of financing on bank holiday Monday without having access to examine Wilko’s finances.
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M2 Capital chairman Robert Mantse accused PwC of repeatedly “adding additional criteria to try to force M2C to not continue in the bidding process”.
A spokesperson for PwC said: “We wholeheartedly reject the assertions and characterisations in this open letter.
“We are running a fair and transparent sales process, and remain focused on our duty to secure the best outcome for all creditors, while preserving as many jobs as possible.
“We are actively engaging with all interested parties, assessing the deliverability of all bids made and requesting necessary information.
“It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”
Administrators came under fire from the GMB on Monday as the union requested an urgent meeting with business secretary Kemi Badenoch over Wilko’s future.
National secretary Andy Prendergast said: “We are concerned that prior to our involvement, several of these bidders have reported difficulties engaging the appointed administrators.”
However, in an update on Tuesday, the union shared that all redundancies had been suspended while PwC considered further bids.
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