Wilko is closing in on a rescue deal with HMV owner Doug Putman’s offer securing the backing of the retailer’s creditors for the deal.
PwC is thought to have obtained support from creditors including the Pension Protection Fund and other major landlords and suppliers, The Times reported.
It is understood that the administrators were looking into the financing behind Putman’s bid, which is mostly in the form of debt provided by Gordon Brothers, as they want to understand the terms attached to the debt and how quickly it can be put in place.
However, online retailer OnBuy, which is vying to snap up Wilko’s brand, has lodged a “drastically improved” offer over the weekend, according to sources, with talks continuing with PwC today.
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A deal for the retailer could be announced as soon as Monday.
PwC started consulting the company’s major creditors on Thursday about the terms of the agreement with Putman, according to Sky News.
Putman is thought to be eager to protect as many of Wilko’s 400 stores as possible, saving about 8,000 jobs.
Meanwhile, OnBuy is looking to buy the brand but not the stores. The Range is also looking to snap up the Wilko brand name while other value retailers, including Poundland, B&M, Home Bargains and TOFS are looking to acquire the collapsed retailer’s stores.
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