Wilko set to ask landlords for rent reductions

Nottinghamshire-headquartered discount retailer Wilko has appointed property advisory firm CBRE ahead of a move that could see it ask it landlords for rent reductions

Sky News reports that Wilko is preparing to kick-off negotiations with shop owners rather than close a portion of its 400 stores under a company voluntary arrangement (CVA), which is edging closer.

Mark Jackson, Wilko’s chief executive, said: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with a new streamlined senior team and a strategic plan to first stabilise the business and then implement a growth strategy.

“We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.

“We’re confident with the right actions, we’ll continue to be a key feature on the British high street and expand our omnichannel offer, providing customers a place to shop all their household and garden needs.”

Wilko declined to comment on the appointment of CBRE or the prospect of store closures.