Rival retailers prepare Wilko bids ahead of Wednesday deadline

Competing discount retailers including B&M, The Range, Poundland and Home Bargains have reportedly signalled their intent to submit offers to Wilko’s administrators for parts of the business.

The retailer was unable to secure a rescue deal after struggling for months and appointed administrators last Thursday, putting 12,000 jobs and 400 stores at risk.

A deal to save the brand and all its stores is now unlikely, with other retailers expected to bid for some stores and assets.

Administrators from PwC have set a deadline for initial offers by the end of Wednesday and are expected to select a smaller group for a second round of bids by Friday.

There is significant time pressure as Wilko faces running out of cash while in-store sales are emptying the shelves.

The retailer was established by the Wilkinson family in 1930 and had remained in family ownership.

Chief executive Mark Jackson conceded defeat last week and in an open letter said: “We’ve all fought hard to keep this incredible business intact but must concede that time has run out and now, we must do what’s best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators.”