 to appoint administrators potentially putting 12,000 jobs at risk. The news comes as Wilko's owners were said to be exploring the sale of a controlling stake just last month. In a statement from CEO Mark Jackson today, the chain confirmed that the retailer was struggling to find a buyer which provided the "necessary liquidity" in the time it has available "given the mounting cash pressures" it was facing. He added that the retailer, which has been a staple of the British high street for over 90 years, had no other choice. In his statement, Mark Jackson said: "While we can confirm we've had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present. Unfortunately, with this in mind, today we're having to take the difficult decision to file a NOI." It should be noted that Wilko has not yet filed for administration, but it shared that it intends to file for administration in the future. Earlier this year, it was reported that the owners of the chain were considering a sale of the company in a bid to secure its future. Wilko has confirmed that it will continue to progress in its discussions with interest parties for the foreseeable. It's aim is to complete a transaction which "preserves the business and will encourage those interested parties we're in discussions with to move as fast as possible". The statement added: "We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable wilko and maximise the significant opportunities that we know exist. We're a £1.2billion turnover business with strong presence on UK high streets through our 400 stores, online at wilko.com and through our gre){kind=link}
Wilko has around 400 stores across the UK and employs around 12,000 people – this makes it the biggest privately owned retailers in Britain
Household and garden retailer Wilko has filed a Notice of Intention (NOI) to appoint administrators potentially putting 12,000 jobs and 400 stores at risk.
The news comes as Wilko’s owners were reported to be exploring the sale of a controlling stake just last month.
In a statement from CEO Mark Jackson today, the chain confirmed that the retailer was struggling to find a buyer which provided the “necessary liquidity” in the time it has available “given the mounting cash pressures” it was facing. He added that the retailer, which has been a staple of the British high street for over 90 years, had no other choice.
In his statement, Mark Jackson said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present. Unfortunately, with this in mind, today we’re having to take the difficult decision to file a NOI.”