{"id":1268477,"date":"2023-08-29T12:25:30","date_gmt":"2023-08-29T11:25:30","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/"},"modified":"2023-08-29T12:25:30","modified_gmt":"2023-08-29T11:25:30","slug":"wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/","title":{"rendered":"Wilko closures and job losses on hold as administrator considers rescue bids"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div wp_automatic_readability=\"82.769255874674\">\n<p class=\"dcr-1kas69x\">Plans for redundancies and store closures at Wilko have been put on hold as administrators consider two potential last-ditch rescue bids that emerged over the bank holiday weekend.<\/p>\n<p class=\"dcr-1kas69x\">Administrators from PricewaterhouseCoopers, who were <a href=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/10\/wilko-collapses-into-administration-after-rescue-talks-fail\" data-link-name=\"in body link\">called in <\/a>earlier this month as Wilko ran short of cash, had warned that redundancies would start within weeks as there had been no viable bids for the bulk of the company. The group employs nearly 12,500 people.<\/p>\n<p class=\"dcr-1kas69x\">Doug Putman, the owner of HMV in the UK and Toys R Us in Canada, is understood to have <a href=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/25\/wilko-rescue-deal-canadian-entrepreneur-union-employees\" data-link-name=\"in body link\">increased his bid<\/a> on Friday\u2019s deadline, offering to take on up to 350 of Wilko\u2019s 400 stores and ensure the main creditors \u2013 led by the restructuring specialist Hilco \u2013 were paid. A previous bid from Putman would have involved saving 200 stores.<\/p>\n<figure id=\"3320aef5-a8a2-4851-85f3-c7b6c5b7e394\" data-spacefinder-role=\"richLink\" data-spacefinder-type=\"model.dotcomrendering.pageElements.RichLinkBlockElement\" class=\" dcr-11ra563\"><gu-island name=\"RichLinkComponent\" deferuntil=\"idle\" props=\"{&quot;richLinkIndex&quot;:3,&quot;element&quot;:{&quot;_type&quot;:&quot;model.dotcomrendering.pageElements.RichLinkBlockElement&quot;,&quot;url&quot;:&quot;https:\/\/www.theguardian.com\/business\/2023\/aug\/04\/what-went-wrong-at-wilko&quot;,&quot;text&quot;:&quot;What went wrong at Wilko?&quot;,&quot;prefix&quot;:&quot;Related: &quot;,&quot;role&quot;:&quot;richLink&quot;,&quot;elementId&quot;:&quot;3320aef5-a8a2-4851-85f3-c7b6c5b7e394&quot;},&quot;ajaxUrl&quot;:&quot;https:\/\/api.nextgen.guardianapps.co.uk&quot;,&quot;format&quot;:{&quot;display&quot;:0,&quot;theme&quot;:0,&quot;design&quot;:0}}\"\/><\/figure>\n<p class=\"dcr-1kas69x\">Another potential offer has <a href=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/27\/wilko-administrators-urged-to-accept-rescue-deal-after-second-bid\" data-link-name=\"in body link\">emerged from M2<\/a>, a restructuring specialist that claims to own the Como hotels group and is in the process of buying the Michigan-based car parts maker Superior Industries. M2 is understood to have put forward a bid that would keep the entire Wilko chain trading.<\/p>\n<p class=\"dcr-1kas69x\">M2 has written to administrators questioning whether the bid process was \u201cfair and transparent\u201d as it was given a deadline to provide details of its funding on a UK bank holiday.<\/p>\n<p class=\"dcr-1kas69x\">However, a source close to the process questioned the credibility of the M2 bid, which was put forward very late on the final day for offers, and whether the finance group had the required funds available.<\/p>\n<p class=\"dcr-1kas69x\">Andy Prendergast, the national secretary of the GMB union, which represents thousands of Wilko staff, said: \u201cThere appears to be a glimmer of hope but there is still a long way to go.<\/p>\n<p class=\"dcr-1kas69x\">\u201cWe don\u2019t want to get carried away as our members deserve certainty, but we are hopeful that jobs can be protected.\u201d<\/p>\n<figure data-spacefinder-role=\"inline\" data-spacefinder-type=\"model.dotcomrendering.pageElements.NewsletterSignupBlockElement\" class=\" dcr-173mewl\" wp_automatic_readability=\"3.0580204778157\"><a data-ignore=\"global-link-styling\" href=\"#EmailSignup-skip-link-9\" class=\"dcr-dh5n8r\">skip past newsletter promotion<\/a><\/p>\n<aside aria-label=\"newsletter promotion\" class=\"dcr-124witz\" wp_automatic_readability=\"3.6679245283019\">\n<div class=\"dcr-10et71f\" wp_automatic_readability=\"7\">\n<p class=\"dcr-ohmn7a\">Sign up to <span>Business Today<\/span><\/p>\n<\/div>\n<p class=\"dcr-1613jw2\">Get set for the working day \u2013 we&#8217;ll point you to all the business news and analysis you need every morning<\/p>\n<p><gu-island name=\"SecureSignupIframe\" deferuntil=\"idle\" props=\"{&quot;name&quot;:&quot;Business Today&quot;,&quot;html&quot;:&quot;&lt;form id=\\&quot;secure-signup-business-today\\&quot;&gt;&lt;label class=\\&quot;email-signup-iframe-z5jaeb\\&quot;&gt;&lt;div class=\\&quot;email-signup-iframe-1lkhg9g\\&quot;&gt;Enter your email address &lt;\/div&gt;&lt;\/label&gt;&lt;div class=\\&quot;email-signup-iframe-17gkgdc\\&quot;&gt;&lt;div class=\\&quot;email-signup-iframe-lxzyg5\\&quot;&gt;&lt;label for=\\&quot;src-component-70753\\&quot; 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clientOnly&gt;<\/gu-island><span class=\"dcr-i596zt\"><strong>Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our <a data-ignore=\"global-link-styling\" href=\"https:\/\/www.theguardian.com\/help\/privacy-policy\" rel=\"noreferrer\" class=\"dcr-15n74t1\">Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/privacy\" rel=\"noreferrer\" class=\"dcr-15n74t1\">Privacy Policy<\/a> and <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/terms\" rel=\"noreferrer\" class=\"dcr-15n74t1\">Terms of Service<\/a> apply.<\/span><\/aside>\n<p id=\"EmailSignup-skip-link-9\" tabindex=\"0\" aria-label=\"after newsletter promotion\" role=\"note\" class=\"dcr-dh5n8r\">after newsletter promotion<\/p>\n<\/figure>\n<p class=\"dcr-1kas69x\">He said the union had been told by PwC that any redundancy process for workers was on hold.<\/p>\n<p class=\"dcr-1kas69x\">A spokesperson for PwC said: \u201cSince our appointment as administrators of Wilko we have worked relentlessly to secure a sale of the business. We are actively engaging with all interested parties and assessing the deliverability of all bids made.<\/p>\n<p>\u201cAs administrators we\u2019re 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.<\/p>\n<p>\u201cIt would be inappropriate to comment on individual bidders or interested parties at this stage in the process.\u201d<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans for redundancies and store closures at Wilko have been put on hold as administrators consider two potential last-ditch rescue bids that emerged over the bank holiday weekend. Administrators from PricewaterhouseCoopers, who were called in earlier this month as Wilko ran short of cash, had warned that redundancies would start within weeks as there had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1268477","post","type-post","status-publish","format-standard","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wilko closures and job losses on hold as administrator considers rescue bids - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wilko closures and job losses on hold as administrator considers rescue bids - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"Plans for redundancies and store closures at Wilko have been put on hold as administrators consider two potential last-ditch rescue bids that emerged over the bank holiday weekend. Administrators from PricewaterhouseCoopers, who were called in earlier this month as Wilko ran short of cash, had warned that redundancies would start within weeks as there had [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-29T11:25:30+00:00\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"Wilko closures and job losses on hold as administrator considers rescue bids\",\"datePublished\":\"2023-08-29T11:25:30+00:00\",\"dateModified\":\"2023-08-29T11:25:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/\"},\"wordCount\":514,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"articleSection\":[\"finance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/\",\"url\":\"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman\",\"name\":\"Wilko closures and job losses on hold as administrator considers rescue bids - 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Administrators from PricewaterhouseCoopers, who were called in earlier this month as Wilko ran short of cash, had warned that redundancies would start within weeks as there had [&hellip;]","og_url":"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman","og_site_name":"Business Telegraph","article_published_time":"2023-08-29T11:25:30+00:00","author":"businesstelegraph","twitter_card":"summary_large_image","twitter_misc":{"Written by":"businesstelegraph","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman#article","isPartOf":{"@id":"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/"},"author":{"name":"businesstelegraph","@id":"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78"},"headline":"Wilko closures and job losses on hold as administrator considers rescue bids","datePublished":"2023-08-29T11:25:30+00:00","dateModified":"2023-08-29T11:25:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/"},"wordCount":514,"publisher":{"@id":"https:\/\/www.businesstelegraph.co.uk\/#organization"},"articleSection":["finance"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.businesstelegraph.co.uk\/wilko-closures-and-job-losses-on-hold-as-administrator-considers-rescue-bids\/","url":"https:\/\/www.theguardian.com\/business\/2023\/aug\/29\/wilko-closures-job-losses-administrator-rescue-bids-pwc-m2-doug-putman","name":"Wilko closures and job losses on hold as administrator considers rescue bids - 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