Wilko creditors braced for huge losses
The unsecured creditors of collapsed discount retail chain Wilko will receive between just 4-8p for every pound they’re owed, according newly-published documents.
Administrators from PwC have published a Statement of Affairs which has been seen by Sky News. The document outlines the events leading up to Wilko falling into administration and how PwC believes the assets of the retailer will be distributed among its creditors.
The Pension Protection Fund is set to be paid the £20m it is owed as a secured creditor – but will miss out on millions more as it is also an unsecured creditor.
Meanwhile, Barclays and Hilco are expected to receive the £2.4m and £39.9m they are owned in full.
The document also highlights that shareholders the Wilkinson family, which owned the firm, paid themselves £9m in dividends between January 2019 and February 2022.
PwC was called in as administrator to Worksop-headquartered Wilko in August. Around 12,000 jobs could ultimately be lost as part of the failure of the business.