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Jul 20, 2023

Major UK retailer 'in pole position' to take over Wilko in rescue deal

The owner of HMV hoping to raise enough funds to save hundreds of Wilko stores and thousands of jobs Sign up to our email newsletter for daily updates on what's happening in and around Birmingham We

The owner of HMV hoping to raise enough funds to save hundreds of Wilko stores and thousands of jobs

Sign up to our email newsletter for daily updates on what's happening in and around Birmingham

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A major UK retailer is said to be "in pole position" to take over Wilko after its collapse. Reports claim that the owner of HMV is reaching out to investors and debt providers in a desperate bid to rescue the budget chain

As reported by Sky News, Doug Putman has been in financial talks with the firms from which he originally bought HMV six years ago. He is hoping to raise enough funds to save hundreds of Wilko stores and thousands of jobs.

Putman's offer is said to involve keeping about half of the discount retailer's 400 shops and 3,000 to 4,000 of its 12,500 workers.

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The hopeful bidder also wishes to continue running the company under the well-known Wilko name. The Canadian billionaire previously rescued HMV out of administration in February 2019.

It saw over 100 stores and 1,500 jobs saved. However, while discussions are still very much in play with PwC, sources have claimed Putman's takeover is "unlikely".

It is predicted a conclusion will be reached by the start of next week about Wilko's future. Should the HMV owner fail to secure a deal, the budget brand will be divided between several companies.