More than 8,500 Wilko jobs could be saved (Image: GETTY)
Hundreds of job losses at the stricken retail brand Wilko have been announced with more to come after it was revealed that a deal to buy the entire firm fell through.
Administrators PricewaterhouseCoopers (PwC) confirmed that the only bid to buy the whole firm failed as they missed the deadline for filing the necessary paperwork.
Private equity firm M2 Capital had planned to acquire the whole group, including all 400 stores, which would have saved all 12,500 jobs, according to a source.
But the GMB union said it was told by PwC that the bidders "failed to provide the necessary evidence to show that they had the finances necessary to purchase the company despite being given numerous opportunities to do so".
Today, PwC announced publicly "it is now clear that no viable offer structure put forward includes the group in its entirety".
However, not all hope is lost for the much-loved high-street brand as a separate rescue deal to acquire more than 300 stores, saving 8,000 or more jobs, is in its final stages.
Hundreds of job losses at the stricken retail brand Wilko have been announced with more to come after it was revealed that a deal to buy the entire firm fell through.
READ MORE Full list of B&M and New Look stores set to close and open across this week
Empty shelves in Wilko stores amid closing down sales (Image: Getty)
It is believed the deal between Wilko and Doug Putman, a Canadian businessman who bought HMV in 2019, could be confirmed within the next few days although there is still uncertainty.
"It's still in the balance but it is beginning to look more positive that a deal can get done," one creditor said.
Following the failed takeover by M2 Capital, PwC confirmed that 269 support workers in Workshop and Newport will have their last day on Monday. These jobs include the IT, financial, legal and HR teams.
There will be further redundancies across the company's two warehouses from early next week.
Exact numbers have yet to be stated but it is thought that around 1,600 people work across the warehouses and support centres.
It is believed the deal between Wilko and Doug Putman, a Canadian businessman who bought HMV in 2019, could be confirmed within the next few days although there is still uncertainty.
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Joint administrator Jane Steer of PwC said: "It's with great sadness that we announce these redundancies.
"We're incredibly grateful to these team members for the support and dedication they've shown to the company, particularly over the last few very difficult weeks.
"We will continue to do all that we can to support staff through this period of difficult upheaval, and to maximise their opportunities for a rapid return to work.
"Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect.
"We will be circulating correspondence to all staff as soon as possible which will outline the support available to complete redundancy payment forms."
Joint administrator Jane Steer of PwC said: "It's with great sadness that we announce these redundancies.
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READ MORE Wilko stores to close down in weeks with no prospect of being saved
Other deals on the table
PwC has reportedly started consulting the chain's major creditors today (August 31) on the terms of the agreement with Doug Putman.
PwC has been searching for external investors to save Wilko for months. But three weeks ago, the sense of urgency increased as the accountancy firm was formally appointed as administrator.
Putman is not the only businessman eyeing up Wilko. There have also reportedly been deals offered by Poundland, B&M, The Range and Home Bargains.
READ MORE Wilko stores to close down in weeks with no prospect of being saved
Other deals on the table
PwC has reportedly started consulting the chain's major creditors today (August 31) on the terms of the agreement with Doug Putman.
PwC has been searching for external investors to save Wilko for months. But three weeks ago, the sense of urgency increased as the accountancy firm was formally appointed as administrator.
Putman is not the only businessman eyeing up Wilko. There have also reportedly been deals offered by Poundland, B&M, The Range and Home Bargains.
Other deals on the table
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