Wilko lifeline as rivals given 48 hours for rescue bids to save budget chain

Wilko could have a possible lifeline after it was announced that rival brands have 48 hours to submit a bid to save the chain.

The bargain retailer went into administration after failed rescue talks last week, putting 400 shops and 12,500 jobs at risk.

Rivals like Home Bargains and Dunelm have already offered support by touting possible opportunities for any staff that become unemployed to go and work for them.

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And they have an opportunity to go even further, after top accountancy firm PricewaterhouseCoopers (PwC) who now control the business have given two days for other firms to buy the brand outright.

Last Thursday Wilko chief Mark Jackson said it had received 'a significant level of interest'.

However, it was 'left with no choice but to take this unfortunate action' after being unable to complete a solvent sale.

Details are still scant on the state of play, but talks have allegedly been held with big retailers. The Mail Online reported that Poundstretcher have already ruled themselves out of any purchase.

The Sun cited a source who said Wilko's business model is 'unprofitable'.

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The Mail also states that there is interest from two big firms. They could, however, purchase Wilko assets – like the physical stores – to use for their own brands.

Former Wilko boss Gordon Brown told the BBC that he believes a buyer will swoop in to save parts of the company, but "it will be different from Wilko as we know it, or used to know it".

In an emotional letter thanking staff, customers and partners, CEO Mr Jackson wrote: "We’ve a history steeped in serving customers and communities going back to 1930.

"Our founder JK Wilkinson started with a single hardware shop in Leicester and for over 90 years busy, hard-working families have come to us to get their household and garden jobs done quickly, simply and at the best value prices possible."

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