A home and garden retailer with stores in Stoke-on-Trent has today (3 August) confirmed that it is facing collapse. 

Wilko has stores in Hanley and Longton as well as nearby Newcastle, Leek, Stafford and Uttoxeter. 

The brand employs around 12,000 nationally and has already appointed PricewaterhouseCoopers to try and find a buyer, having already borrowed £40 million this year to stay afloat.

Wilko CEO 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 an NOI.  

"While we'll continue to progress these indicative offers, without the surety of a recapitalisation being able to be completed within the necessary time frame and given the cash position, we've been left with no choice but to take this action."

Andy Prendergast, national secretary at the GMB union, said: "This is extremely concerning but we remain hopeful that a buyer can be found.

"Wilko's staff deserve reassurance that their jobs are safe. We hope this is the number one priority going forward."

TO FIND OUT HOW TO SAVE MONEY ON YOUR BILLS THIS SUMMER - CLICK THE 'HELP FOR HOUSEHOLDS' BANNER ABOVE THIS ARTICLE. 

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