Today's business headlines: Bidders for Wilko have been given a Wednesday deadline

Greg Wright talks us through today's business headlines. 15/8/2023

Transcript

00:00 Hello, my name is Greg Wright,

00:02 and I'm the Deputy Business Editor of the Yorkshire Post.

00:05 And here are your business headlines for this morning.

00:08 Bidders for the retailer Wilco

00:10 have been given a deadline of Wednesday

00:13 to table offers to buy the firm.

00:15 The historic high street chain

00:17 fell into administration last week,

00:19 putting the future of its 400 stores

00:21 and 12 and a half thousand workers in jeopardy.

00:24 It is understood that administrators and PwC

00:26 have set the deadline as they quickly seek to strike a deal

00:29 which could save jobs.

00:31 Wilco is continuing to trade

00:32 and has not announced any redundancies

00:34 after formally entering insolvency last week.

00:37 The retailer's chief executive, Mark Jackson,

00:39 said last Thursday he's received

00:41 a significant level of interest,

00:43 but was left with no choice

00:45 but to take this unfortunate action

00:47 after being unable to close a solvent sale.

00:51 The administration process means

00:52 that Bidders are not expected

00:53 to take on all the company's liabilities,

00:55 such as costly debts, as part of any deal.

00:58 It is understood that Wilco held talks

01:01 with private equity firms,

01:02 Gordon Brothers, which owns Laura Ashley,

01:04 and El Terry, which owns Benson's for Beds,

01:07 as it sought funding to keep it afloat

01:09 before ultimately entering administration.

01:12 So an update there that a Wednesday deadline

01:15 has been set for Bidders

01:17 for the crisis-stricken retailer Wilco,

01:20 which fell into administration last week.

01:24 My name's Greg Wright,

01:25 the Deputy Business Editor of the Yorkshire Post.