HMV owner moves closer to Wilko rescue deal

The owner of retail chain HMV is reportedly putting the finishing touches on a deal which would save around three-quarters of the collapsed Wilko empire.

If Doug Putman’s bid is accepted he would take over around 300 of Wilko’s 400-store estate – saving around 8,500 jobs.

Sky News says that Wilko’s administrators, PwC, have begun contacting the firm’s creditors with details of Putman’s offer.

“It’s still in the balance but it is beginning to look more positive that a deal can get done,” one creditor told Sky News.

Putman is also the owner of Toys R Us in Canada.

The move comes after an incredibly fast-paced day, during which a £90m bid from private equity firm M2 Capital for the entire Wilko business was dismissed by PwC.

The administrators then released details of the first wave of redundancies at Wilko, with over 280 jobs to be axed at the end of next Monday (September 4) – with another announcement early next week.