August 10th 2023.
Wilko, a high street chain, has officially gone into administration, leaving 12,000 jobs at risk. After weeks of searching for a rescue deal, the chain has had to hire administrators from PwC to oversee the process.
Mark Jackson, Wilko's Chief Executive Officer, expressed his regret in a letter: "We left no stone unturned when it came to preserving this incredible business, but time has run out and we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators."
He went on to explain that the chain had had "a significant level of interest" in a rescue offer, but had not been able to close the deal in time. Furthermore, Wilko had been pressing ahead with a turnaround plan, which Jackson said "would have delivered the most profitable Wilko ever recorded within 24 months".
Last week, the chain had filed a notice of intention to appoint administrators, after receiving a lifeline worth £40 million from Homebase owner Hilco in January.
The news of Wilko's administration is undoubtedly a difficult time for the chain and its employees. However, the company and its appointed administrators remain hopeful that the situation can be salvaged in some way.
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