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Wilko Reportedly In Talks To Secure Emergency Loan

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The Sunday Times has reported that wilko has entered into talks to obtain an emergency loan of £30 million, amid the cost of living crisis and rising costs for retailers.

The publication said that the family-owned, high street retailer is discussing possibilities with alternative lenders - who tend to offer credit at higher interest rates or require security over company assets - having been unsuccessful in securing an extension to its revolving credit facility due to interest rate rises.

Last week, wilko announced that it had completed the sale and leaseback of its Worksop distribution centre to DHL for £48m, with the money being used to repay its revolving credit facility in full.

Jerome Saint-Marc, wilko CEO, said of the sale and leaseback agreement: “It’s standard business practice to constantly review how we manage our finances.  This property deal with DHL represents long-term stability for us and our team members and is the right response to the current market conditions and our priorities. 

“We’re making smart choices to trade a business and allow us to continue to invest in our long-term transformational strategy.  Wilko remains family owned and continues to focus on helping hard working families to be the best that they can be, delivering great value products to our customers." 

Wilko currently operates from 402 stores and employs around 16,000 members of staff.

Source : Insight DIY team and The Sunday Times

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21 November 2022

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