Wilko administrator sets deadline for bidders

PwC has asked interested parties to submit initial offers for discount retailer Wilko by Wednesday after its collapse into administration last week.

PwC, which was appointed as administrator on Thursday, is seeking offers by the middle of this week as Wilko faces running out of cash, Sky News reports.

A range of discount retailers and financial investors are considering offers, although industry executives believe a takeover of the whole business is a remote prospect.

Wilko operates from about 400 stores and employs more than 12,000 people.

The family-owned chain, which was established by the Wilkinson family in 1930, had been working with PwC on a search for new investment for several months.