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Wilko Has Reportedly Hired CBRE For Landlord Negotiations

Wilko large store sign Ceri Breeze shutterstock_1077137954

Wilko is reported to have hired property agent CBRE to negotiate with landlords over cutting store rents.

Earlier Insight DIY revealed a Bloomberg report that Wilko is considering entering into a Company Voluntary Arrangement (CVA) and has approached PwC for support in exploring restructuring options.

A CVA would help Wilko to negotiate with creditors and landlords over debt repayments and rental costs. 

In January of this year, Wilko secured a £40m funding lifeline from turnaround specialist Hilco - the same company which bought Homebase from Wesfarmers in May 2018.     

Chief executive Mark Jackson, who joined Wilko in late December told Sky News, “We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.

“We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omnichannel offer, providing customers a place to shop all their household and garden needs.”

According to Sky News, although Wilko is hoping to reduce rents, it is unlikely to close a significant number of stores.

Source : Reproduced with permission from George Bullivant at GardenForum

Image : Ceri Breeze / shutterstock.com (1077137954)

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14 June 2023

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