Wilko: Nottingham-based homeware retailer collapses into administration putting 12,000 jobs at risk

Nottingham-based homeware retailer Wilko has collapsed into administration, putting 12,000 jobs at risk.

The chain confirmed it had filed a “notice of intention” last week, but has been unable to find a rescue deal.

Wilko, which has 400 stores across the UK, is known for its affordable household essentials and has been trading since 1930.

In an open letter, the company’s CEO Mark Jackson said management had “left no stone unturned” in an attempt to save the business.

He added: “But must concede that with regret, we’ve no choice but to take the difficult decision to enter into administration.”

The company, which was founded in Leicester, is owned by the Wilkinson family, with its corporate headquarters based in Worksop.

The Notice of Intention gave Wilko 10 business days to secure a significant cash investment, but now PricewaterhouseCoopers (PWC) have been appointed as administrators.

Brendan Clarke-Smith, the Conservative MP for Bassetlaw, said: “I am hopeful a buyer or investor can be found and jobs both nationally and locally can be protected.

“This news follows the plans already announced for the company to go into administration.”

Wilko has been struggling with low cash and stock for months, and in May considered entering a Company Voluntary Arrangement - a form of insolvency.

Mr Jackson said the company had received “a significant level of interest”, which included “indicative offers that we believe would meet all our financial criteria to recapitalise the business”.

However, he added: “Without the surety of being able to complete the deal within the necessary time frame and given the cash position, we’ve been left with no choice but to take this unfortunate action.

“We’ve all fought hard to keep this incredible business intact but must concede that time has run out.”

This is a breaking news story and will be updated shortly.