High street retailer Wilko has filed a notice of intent to appoint administrators, putting around 12,000 jobs at risk across the country.
The company’s chief executive confirmed the move today. The company has around 400 stores across the UK including its stores in Abergavenny and Chepstow.
Wilko chief executive officer Mark Jackson said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.
"Unfortunately, with this in mind, today we’re having to take the difficult decision to file a notice of intention. We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.
“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”
A notice of intention to appoint administrators does not necessarily mean that a firm will go into insolvency, but it gives trouble-hit businesses time to attempt to shore up their finances, such as by finding a buyer and in papers submitted to court , the company said it had recently enlisted advisory firm PricewaterhouseCoopers to try to find a buyer in an attempt to secure additional cash.