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Wilko Reportedly Considering Sale Of The Business

Wilko large store sign Ceri Breeze shutterstock_1077137954

Sky News has reported that the family owners of Wilko are considering selling a controlling stake in the business to ensure a future for the chain.

It is understood that Wilko's adviser, PricewaterhouseCoopers (PwC), has begun approaching potential buyers, including several large general merchandise chains, according to industry sources.   

In June, it was reported that Wilko had hired property agent CBRE to negotiate with landlords, following a report in May that suggested the business was considering entering into a Company Voluntary Arrangement (CVA), and had approached PwC for support in exploring restructuring options.

In February of this year, Wilko announced 400 job cuts, after securing a £40m loan from Hilco in January

Mark Jackson, Wilko chief executive, issued the following statement to Sky News: "We've been very open that we're exploring all the options available to rebound as a business and maximise the significant opportunities that we know exist.

"We have a clear and defined turnaround plan put together by a refreshed and experienced management team to re-establish a profitable Wilko that delivers significant return, accelerated by the investment needed.

"We are actively out across the UK and international markets continuing external conversations and welcoming new approaches to recapitalise the business through a combination of refinancing options of debt and equity release to provide a stable platform to activate the next phase of the recovery."

Wilko is currently one of the largest privately owned retailers in the UK, employing around 12,000 staff and operating 408 stores.

Source : Insight DIY, Sky News

Image : Ceri Breeze / (1077137954)

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21 July 2023

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