Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Wilko store closures put on hold as administrators assess new bids

by August 30, 2023
August 30, 2023
Wilko store closures put on hold as administrators assess new bids

Wilko’s administrators have halted immediate redundancies for the chain’s 12,000-strong workforce amid claims from the staff union that bidders for the business have faced “difficulties” in negotiations.

PwC has put store closures on hold to further assess bids for the business after previously warning that job cuts could start this week.

The GMB union has called for the government to intervene because “jobs and livelihoods need to be prioritised as part of this process”. Andy Prendergast, the union’s national secretary, has written to Kemi Badenoch, the business secretary, saying the union was “devastated” when it learnt that consultations over job losses would begin soon because “the last significant bidder had dropped out”.

He said: “We were told by [PwC] that individual redundancy consultations would begin within a matter of days and that members would start to leave the business almost immediately.

“We wish to seek assurances from yourself that steps will be taken to guarantee that the administration process will be properly undertaken, that all bids will be considered, and that where possible all steps will be taken to protect jobs as part of this process.”

It is understood that there is now no set timeline for a decision on Wilko’s future. PwC said that it was “intent on achieving the best outcome for everyone involved”. The union has said that creditors should accept a “slightly worse deal” if it helps to save jobs.

A fresh rescue bid for the retail chain emerged on Sunday when M2 Capital, the private equity firm, confirmed that it had made a £90 million offer for the business. It pledged to retain all employees’ jobs for two years.

In emails seen by The Times, M2 Capital told PwC’s deal team that they were “putting a lot of obstacles and pressures” on the private equity firm.

PwC’s team have discussed M2 Capital’s bid on a video call but the private equity firm has not provided evidence of its funding position, despite several requests from the administrators.

M2 Capital has also been accused by PwC of breaching a non-disclosure agreement by providing details of the bid to the GMB union and journalists.

Business Briefing Morning and midday updates on financial and economic news from our award-winning business team. Sign up with one click
Gareth Thomas, the shadow minister for international trade, said: “Ministers have run out of ideas to help Britain’s high streets. After 13 years we shouldn’t be relying on a knight in shining armour to ride to the rescue of such a key high street employer.”

James Naish, leader of Bassetlaw district council, where Wilko is based, said: “We continue to hope for the best for Wilko and its employees and are on hand to support in any way that we can with our local partners.

“We have been assured that employees will rightly hear meaningful updates first and directly. We trust this will be the case over the coming days as more details on any potential deals are understood.”

Read more:
Wilko store closures put on hold as administrators assess new bids

0
FacebookTwitterGoogle +Pinterest
previous post
Number of house sales this year forecast to be lowest since 2012
next post
French tax adds to woes of British second home owners

You may also like

FRP Bypass on Android: The Ultimate Guide for...

March 3, 2025

Labour’s economic pessimism halts UK equity market recovery,...

October 4, 2024

Why is nobody already selling my idea?

June 3, 2024

Crypto Savings Accounts To Earn Passive Income

October 28, 2024

Falling Behind? Signs Your Business Needs A Fresh...

June 4, 2025

UK government introduces AI training courses for civil...

August 31, 2024

Best 7 Ad Networks For Websites

December 20, 2022

UK and US refuse to sign global AI...

February 11, 2025

Seven days in office: What has PM Truss...

September 13, 2022

Trump-Vance Ticket: A potential disaster for climate progress...

July 15, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Europeans meet with Iranian officials face-to-face for first time since Israel, US bombings as sanctions loom

      July 26, 2025
    • Trump’s executive order on birthright citizenship blocked by another federal appeals judge in latest ruling

      July 26, 2025
    • Michelle Obama portraitist’s exhibit with trans Statue of Liberty pulled after pressure from Vance

      July 25, 2025
    • Can the White House Denaturalize Domestic Opponents?

      July 25, 2025
    • An Updated Interview with George Selgin on Free Banking and Bitcoin

      July 25, 2025
    • Pentagon freezes out DC think tanks in new move, citing ‘America last’ concerns

      July 25, 2025

    Categories

    • Business (8,576)
    • Investing (2,151)
    • Politics (16,203)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved