Family owners of Wilko mull sale of business

The family owners of Nottinghamshire retail giant is considering selling the firm in order to raise funds to secure its future.

Advisers close to Wilko are sounding out potential buyers for the business which employs 12,000 people, according to Sky News.

Any deal would see the Wilkinson family lose their majority stake in the business.

Sky News sources have said that Wilko needs to source outside funding within a month if it is to secure its future.

In a statement, Mark Jackson, Wilko chief executive, said: “We’ve been very open that we’re exploring all the options available to rebound as a business and maximise the significant opportunities that we know exist.

“We have a clear and defined turnaround plan put together by a refreshed and experienced management team to re-establish a profitable Wilko that delivers significant return, accelerated by the investment needed.

“We are actively out across the UK and international markets continuing external conversations and welcoming new approaches to recapitalise the business through a combination of refinancing options of debt and equity release to provide a stable platform to activate the next phase of the recovery.”

Wilko has been in family hands since 1930 when it opened its first outlet in Leicester.

The firm has been working towards a company voluntary arrangement in recent weeks in a move that could mean rent cuts at its 400 stores.