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Wilko Reportedly Considering A CVA

Wilko large store sign Ceri Breeze shutterstock_1077137954

Bloomberg has reported 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.     

In February, 400 jobs were put at risk and Mark Jackson, CEO of Wilko, announced a new senior leadership team as part of plans to stabilise the business and accelerate its turnaround programme. 

Mark Jackson, Wilko CEO, said: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with a new streamlined senior team and a strategic plan to first stabilise the business and then implement a growth strategy.

“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 for all their household and garden needs.”

Source : Insight DIY

Image : Ceri Breeze / (1077137954)

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25 May 2023

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