Wilko bidders revealed in race to save discount chain with less than 48 hours to secure a deal

RIVAL discount retailers B&M, The Range, Poundland and Home Bargains have all expressed an interest in making an offer for bust chain Wilko, according to sources.

Administrators at PwC have given potential buyers until the end of Wednesday to make any indicative offers, before whittling down a shortlist for second-round bids by Friday. 

An attempt to rescue Wilko, which has 400 shops around the country and employs more than 12,000 people, failed when financial firms OpCapita and Gordon Brothers walked away.

It is understood there was a lack of interest from trade buyers, such as other retailers to buy the business when it was solvent which would have meant taking on all of its expensive leases, debts and other obligations. 

However, the insolvency process means that a buyer can pick and choose the bits of a business it wants while the administrator has a duty to get the best offer possible for creditors.

It comes as shoppers have been sharing their emotional tributes to the discounter, with many comparing it to the loss of Woolworths.

Others were also looking forward to extra bargains ahead of Wilko launching an administration sale.

Chief executive officer, Mark Jackson, last week said the company had "left no stone unturned" in a bid to save the chain.

In an emotional open letter to all staff and heartbroken shoppers, Mr Jackson thanked them for their support.

It is understood that early expressions of interest are mixed with some retailers making offers for as many as 300 stores, which would preserve the most jobs.

The majority of offers are for between 40 to 50 stores.

A source said that one of the bidders would be keen to keep the Wilko name.

Sources cautioned that no deal was guaranteed. 

Chris Dawson, owner and founder of The Range, told The Sun he would "give no comment on Wilkinsons."

"I don't want to be famous," the billionaire said.

The Plymouth-based self-made retail tycoon has a DE11 BOY number plate on his Rolls Royce and has previously likened himself to Derek Trotter for his entrepreneurial ways. 

A B&M spokesman refused to comment on its interest in Wilko, Poundland refused to comment and Home Bargains did not respond to requests for comment. 

It is understood that Poundland would cast an eye over some of the shops but would be unlikely to make a bid for the whole business because there is already a lot of overlap between Pouland and Wilko's estate.

Poundland's takeover of 99p stores seven years ago ended in a lengthy regulatory process with the competition regulator and 99p stores ended up collapsing. 

A source noted that Poundland had recently taken on some stores from M&Co, the fashion chain that went bust at the start of the year.

A Next spokesman confirmed that it was not interested in Wilko, despite the retailer recently swooping on a number of fallen high street names. 

Wilko, which was best known for selling storage, stationery, hardware and toys has been in business since the 1930s when JK Wilkinson opened his first shop in Leicester.

The previously family-owned chain has been struggling for the past year after being hit by lockdowns and falling sales and the withdrawal of credit insurance, which meant that suppliers refused to ship stock to its stores, resulting in some empty shelves.

Its finances got so bad that it sold its warehouse last year to raise £50 million and secured an expensive £40 million asset-backed loan with Hilco in January before running out of cash.

The Sun previously reported that rivals of the bargain brand are interested in rescuing the business, which could save hundreds of shops from closing and thousands of jobs from being lost.

But we revealed on Friday that Poundstretcher is not one of the names considering stepping in.

Sources at Poundstretcher told The Sun it has "no interest" in rescuing Wilko from administration.

The insider said that Wilko's business model is "unprofitable" and for that reason "has no interest whatsoever".

Hilco Capital won't be bidding either,  reports.

Wilko started launching a huge administration sale with discounts on thousands of products over the weekend.

It comes after Wilko appointed administrators last week in a move which saw all control of the business being passed over to PwC.