Last-minute bid for Wilko COLLAPSES – stores and jobs WILL be cut

ADMINISTRATORS at Wilko are expected to tell employees in the next couple of hours that a takeover for the entire business and staff will not be proceeding.

As a result, some job losses will be expected. 

The news comes after PwC refused to grant M2 Capital extra time to prove it had the funds after grave doubts about its credibility.

M2 Capital had claimed it was raising funds from self-made entrepreneur Michael Flacks for a rescue of the bust hardware chain.

Mr Flacks told The Sun last night that this was not true and he had “no interest” in buying or backing a takeover. 

Another debt fund also linked with M2 Capital also ruled out any awareness of a Wilko bid.

M2 Capital, run by Robert Mantse, a former metals banker, had claimed that he would buy the entire company, keep staff and give them equity and pay rises. 

One source close to the process said that his involvement had wasted time and was too speculative to be taken seriously. 

Administrators at PwC are still in negotiations with Doug Putman, the owner of HMV, about a deal that would see him take on the majority of stores and Wilko’s brand name, but not its distribution centre or headquarters.

As a result, some redundancies in Wilko’s 12,500 workforce will be expected.

It is understood Mr Putman has made multiple, different offers.

But discounters B&M Bargains, Poundland, Home Bargains and The Range have made offers for some of Wilko’s stores.

Poundland’s owner, Pepco Group, is said to be looking at taking on 100 Wilko stores, according to

B&M European Retail is also in negotiations to purchase between 40 and 50 shops, according to one insider.

The Original Factory Shop (TOFS) and other value retailers have also lodged offers to acquire a smaller number of sites.

Rival chain The Range is also still in the auction process, according to sources.

But even if any agreements with Putman, Pepco, B&M and TOFS are finalised, it is likely to mean that some Wilko stores will still be forced to shut for good.

Several rival chains have told staff at the struggling company that jobs are available to them.

Discount supermarket Aldi has asked that any workers affected by the collapse of Wilko to get in touch about jobs.

Earlier this month rival chains Home Bargains and Dunelm also offered devastated staff new roles after the retailer collapsed.

Discount stationery shop The Works said it would “guarantee an interview if there’s a role available” for all Wilko staff.