Wilko: New bid emerges for stricken retail chain

Private equity firm M2 Capital has confirmed it has made a £90m bid for Wilko – in the latest attempt to save the retail chain. 

M2 Captial has bid £90m for the business and pledged to retain all employees’ jobs for two years. 

The Guardian newspaper first reported the M2 bid, and says it is one of several offers being considered by administrators. 

Wilko fell into administration earlier this month, putting 12,500 jobs and 400 stores at risk. 

The administrators for Wilko set a deadline of Friday last week for bids for the company, and they are understood to be reviewing offers. 

Responding to the reports, the national secretary of the GMB union, Andy Prendergast said that while “the devil is always in the detail… any bid that guarantees jobs has to be prioritised”.

The owner of HMV, Canadian businessman Doug Putmanm is said to be interested in saving some of the Wilko business. 

A spokesperson for the administrators PwC said talks were “continuing with a number of parties”.

“As administrators, we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.”It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”