ICSM Business Insolvency News: B&M move to buy 51 Wilko stores while HMV's owner's bid is stuck due to financing issues - plus a complete list of stores set to shut next week

By Harry Mottram: For the 12,500 Wilko staff and the ailing store’s hundreds of suppliers it’s been an unedifying few days, as the spivs, sharks and chancers put in bids for all or part of the retailer. Emily Hawkins in This Is Money reported on how administrator PwC had been approached by what she described as ‘charlatans and chancers’ with serious or not so serious bids for Wilko. She wrote: “Sources close to the sales process this weekend expressed frustration that PwC, the administrators, have been obliged to give consideration to every offer, no matter how implausible or unprofessional.”

The latest situation widely reported in the media is that rival budget retailed B&M is poised to take on 51 of the 400 stores meaning the majority of the stores will close along with 75% or more of the staff will be set to lose their jobs. If the deal is successful, then unsecured suppliers will be lucky to get anything – and the staff who are fired may also be out of pocket.

Ian Carrotte of ICSM said it was depressing to see ‘spivs, sharks and chancers’ trying to get a piece of the collapsed company when legitimate suppliers were being left high and dry. He said: “We expect the administrators to only take proper bids to buy the firm (or parts of it) seriously. The idea as reported that PwC have to take seriously bids such as M2 Capital, Manse and others is a concern. Wilko is part of the Great British High Street and hopefully the chain store retailer can be bought by a rival and retain its position in the UK economy. Spivs and chancers who make a mockery of such events is unacceptable as suppliers and workers and of course taxpayers will end up paying.”

The BBC’s Michael Race reported: “The 52 Wilko shops set to close next week due to the chain's collapse have been named. Administrators PwC said 26 shops would close next Tuesday, with a further 28 to shut on Thursday 14 September due to the ‘absence of viable offers’ for the whole company. More than 1,000 staff are being made redundant as hopes of a rescue deal for the business hang in the balance. Stores closing include branches in Liverpool, Cardiff, Acton and Falmouth.”

Already PwC have said B&M are paying £13m for the shops while HMV’s Doug Putman is seeking a deal on 300 of the stores but has got a funding issue and is held up. (Image: BBC)

The following stores will close on 12 September:

Acton

Aldershot

Barking

Bishop Auckland

Bletchley

Brownhills

Camberley

Cardiff Bay Retail Park

Falmouth

Harpurhey

Irvine

Liverpool Edge Lane

Llandudno

Lowestoft

Morley

Nelson

Port Talbot

Putney

Stafford

Tunbridge Wells

Wakefield

Weston-super-Mare

Westwood Cross

Winsford

The following stores will close on 14 September:

Ashford

Avonmeads

Banbury

Barrow in Furness

Basildon, Belle Vale

Burnley

Clydebank

Cortonwood

Dagenham

Dewsbury

Eccles

Folkestone

Great Yarmouth

Hammersmith

Huddersfield

Morriston

New Malden

North Shields

Queen Street Cardiff

Rhyl

Southampton-West Quay

St Austell

Stockport

Truro

Uttoxeter

Walsall

Woking

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