Struggling retail chain Wilko has halted online deliveries as it continues to try to find a buyer.
The chain’s adviser PricewaterhouseCoopers is reported to have held talks with Homebase owner Hilco, which has lent Wilko £40m; Bensons for Beds owner Alteri and Gordon Brothers, the owner of the Laura Ashley brand.
As well as the Hilco borrowings, any buyer would need to inject tens of millions of pounds into the business to restore stock levels.
Meanwhile, the Pensions Regulator is holding talks with the retailer over the fate of its pension schemes. Its defined-benefit scheme, closed in 2013, has a deficit of £50 million on a buyout basis. The trustees have taken security worth £20 million over Wilko assets.
Wilko’s notice of intent to appoint administrators expires on Monday, and if PricewaterhouseCoopers is appointed as administrator, it is likely that the chain will be quickly sold in a pre-pack deal. However, this is almost certain to see multiple store closures: the chain was trying to arrange a CVA which would have seen it not pay any rent for three years.
It has also been reported that the retailer has not paid business rates in the past three months.
