Wilko: Union requests urgent meeting with business secretary over retailer’s future

Wilko staff
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The union representing Wilko workers has requested an urgent meeting with the business secretary after being informed by bidders of “difficulties” in engaging with administrators.

GMB national secretary Andy Prendergast wrote to Kemi Badenoch on Monday asking her to ensure that PwC was considering all the offers it had received for the ailing retailer that has left 12,500 jobs in limbo.

In a letter seen by The Guardian, Prendergast said: “We are concerned that prior to our involvement, several of these bidders have reported difficulties engaging the appointed administrators.”

He added that several bidders “appear to have the necessary funding and the willingness to invest and safeguard our members’ job”.


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The union also flagged concerns with the role of Hilco Capital, which lent Wilko £45m earlier this year.

One of the private equity firm’s subsidiaries holds the rights to the proceeds from the sale of the retailer’s brand.

A PwC spokesperson said: “Since our appointment as administrators of Wilko we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties.

“As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.

“It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”

HMV owner Doug Putman and private equity firm M2 Capital emerged as last-minute bidders for Wilko late last week.

It is understood a decision on the retailer’s future could be made as early as this week.

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1 Comment. Leave new

  • Chris Harding 3 years ago

    Probably just me, but didn’t this ‘last ditch second bid’ actually arrive after the deadline?

    Reply

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Wilko: Union requests urgent meeting with business secretary over retailer’s future

Wilko staff

The union representing Wilko workers has requested an urgent meeting with the business secretary after being informed by bidders of “difficulties” in engaging with administrators.

GMB national secretary Andy Prendergast wrote to Kemi Badenoch on Monday asking her to ensure that PwC was considering all the offers it had received for the ailing retailer that has left 12,500 jobs in limbo.

In a letter seen by The Guardian, Prendergast said: “We are concerned that prior to our involvement, several of these bidders have reported difficulties engaging the appointed administrators.”

He added that several bidders “appear to have the necessary funding and the willingness to invest and safeguard our members’ job”.


Subscribe to Retail Gazette for free

Sign up here to get the latest news straight into your inbox each morning 


The union also flagged concerns with the role of Hilco Capital, which lent Wilko £45m earlier this year.

One of the private equity firm’s subsidiaries holds the rights to the proceeds from the sale of the retailer’s brand.

A PwC spokesperson said: “Since our appointment as administrators of Wilko we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties.

“As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.

“It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”

HMV owner Doug Putman and private equity firm M2 Capital emerged as last-minute bidders for Wilko late last week.

It is understood a decision on the retailer’s future could be made as early as this week.

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1 Comment. Leave new

  • Chris Harding 3 years ago

    Probably just me, but didn’t this ‘last ditch second bid’ actually arrive after the deadline?

    Reply

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