Wilko ‘not out of the woods’ yet as redundancies suspended while PwC mulls bids
Wilko has suspended all redundancies while its administrators PwC consider further bids, GMB Union has said.
The union met administrators of PwC this morning to discuss multiple bids which have been made for the discount retailer.
“Whilst this is a positive development, Wilko is not out of the woods by any means and this is a time of incredible stress and worry for the 12,500 workers who face losing their jobs,” Andy Prendergast, GMB National Secretary said.
PwC declined to comment on the news.
It comes amid reports that a last-minute bid worth £90m had been made by restructuring specialist M2 Capita, the Guardian reported, which could keep the entire Wilko chain trading.
Canadian businessman Doug Putman who bought music retailer HMV in 2019, was also said to be making a last minute offer for the troubled store.
GMB Union penned a letter to Kemi Badenoch on Monday urging the business secretary to reassure that “all steps will be taken to protect jobs” amid the process.
National secretary of the union, Andy Prendergast, also said that the union had reportedly been contacted by a handful of potential buyers for Wilko, which he said had “necessary funding” and the “willingness” to safeguard members’ jobs.
They also said that bidders had experienced ‘difficulties’ when engaging with its administrators at PwC.
“Since our appointment as administrators we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties,” a spokesperson for PwC, said at the time.
“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.”