Administrators of the stricken high street chain Wilko who have now received another last minute bid from Private equity firm M2 Capital, have come under criticism by bidders.
Potential rescuers are reported to have been having “difficulties” in engaging with the administrators according to an article in the Guardian newspaper.
The article reports that GMB- the workers union- is seeking an urgent meeting with the business secretary after being told by potential rescuers that they have been having “difficulties” in engaging with the administrators. However, the government seem reluctant to intervene.
As reported over the last few weeks, Wilko fell into administration earlier this month, putting 12,500 jobs and 400 stores at risk.
Administrators, PwC, set a deadline of Friday last week for bids for the chain, and are understood to be reviewing offers .
A spokesperson for PwC told the BBC “As administrators we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.”It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”
The latest rescue bid comes from M2 offering £90m for the East Midlands business, and a pledge to retain all employees’ jobs for the next two years.
The bid by M2, comes just days after an offer by HMV owner Doug Putmanis, which is said to be one of several offers being considered.
Wilko has been struggling for some time with sharp losses and a cash shortage and has been openly criticised for allowing rivals: The Range, Home Bargains, B&M, and Poundland to take the lead.
