Rescue hope for bust chain Wilko as four rival discount retailers express interest, sources say
AT least four rival discount retailers have expressed an interest in making an offer for bust chain Wilko, say sources.
B&M Bargains, The Range, Poundland, and Home Bargains have been linked with the firm that went into administration last week.
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Administrators at PWC have given potential buyers until tomorrow to make indicative offers, before creating a shortlist for second-round bids by Friday.
An attempt to rescue Wilko, which has 400 homeware shops around the country and employs more than 12,000 staff, failed when financial firms OpCapita and Gordon Brothers walked away.
It is understood there was a lack of interest from trade buyers when it was solvent.
A move then would have meant taking on its pricey leases, debts, and any other obligations.
The insolvency process. however, means that a buyer can pick and choose the bits it wants while the administrator works to get the best offer possible for creditors.
It is believed that early expressions of interest are mixed, with some retailers making offers for as many as 300 Wilko stores, which would preserve most of the jobs.
The majority of offers are for between 40 to 50 stores.
Sources say that one of the bidders would be keen to keep the Wilko name, but cautioned that no deal was guaranteed.
The Range owner Chris Dawson, meanwhile, told The Sun he would “not comment Wilkinsons”.
The Plymouth-based billionaire, who likens himself to Derek Trotter and has a DE11 BOY number plate on his Rolls Royce, insisted: “I don’t want to be famous.”
A spokesman for Next said it was not interested, despite the retailer recently swooping on several fallen high street names.
Poundland is understood to be unlikely to bid for the whole firm because there is significant business overlap.
Spokesmen for B&M and Poundland last night declined to comment on any links to Wilko, while Home Bargains did not respond to requests for comment.
BBC’s Maida sale
THE BBC has sold off its famous Maida Vale studios for £ 10.5 million to a partnership including composer Hans Zimmer — the man behind scores for films including Gladiator, the Pirates of the Caribbean, and The Lion King.
The iconic West London venue has hosted recording sessions and performances by the likes of David Bowie and The Beatles, as well as Radio 1’s Live Lounge recordings.
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Mr. Zimmer said he first worked at Maida Vale four decades ago, recalling: “This was the place that inspired you to give your best.”
The composer, in partnership with film producers Tim Bevan and Eric Fellner, intends to keep the building as a studio space and music school.
YouGov’s New York Hint blow
The City of London has been dealt another blow after the boss of YouGov said he was considering shifting its stock market listing to New York.
Stephan Shakespeare, who founded the polling firm with former Chancellor Nadhim Zahawi in 2000, suggested it could get more investor support in the US.
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Office giant IWG, formerly Regus, said last week it was contemplating the same move.
Companies say there is more liquidity in the US.
YouGov, valued at just over £ 1 billion, floated in the UK in 2005. It is known for its snapshots on how Brits view life, on issues as diverse as the EU referendum, fans’ opinions on women’s football, and the use of traditional alarm clocks.
Plumbing firm Ferguson and Tarmac owner CRH have also both recently shifted their listings to New York, as has UK chip designer ARM — despite a push by the Government for a London flotation.
Inflation BoE clue
TOMORROW’S inflation data will be watched by markets as a clue to whether the Bank of England can ease off its cycle of interest rate rises.
Economists expect headline consumer inflation to have fallen to 6.8 percent in July — from 7.9 percent in June, which will be the weakest pace since before the Ukraine war.
Traders fear core inflation stats — which strip out food and fuel spending — could be more stubborn as households are still spending on holidays.
Tenants’ new pain warning
RENTERS have been warned to brace for further pain as an exodus of landlords will mean more tenants looking for flats.
Around 25,000 homes were sold by landlords in April and May, up from 22,000 in the previous two months, say estate agent Savills.
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Landlords are seeking to avoid remortgaging at steeper costs as interest rates soar.
This means fewer homes to rent, forcing prices higher.
The number of privately rented homes is at a 14-year low while average rents have shot 10 percent higher in the past year, to an average of £1,282.
Yesterday Frome, Somerset, became the third town in the country to declare a formal housing crisis as rents soar beyond the reach of locals.
Ben Twomey, of the campaign group Generation Rent, said: “While the Government has given mortgage holders a grace period from repossessions, renters are still being evicted every 15 minutes.”
FOUR in ten firms are resorting to bidding wars to hold on to staff and stop them being lured away, according to a poll by the Chartered Institute of Personnel and Development.
They are offering higher salaries than rivals, raising fresh fears of a pay spiral.
Unileve CEO ‘vow’ on Russia
UNILEVER’S new CEO has been urged by a Ukrainian war vet to halt Magnum ice cream sales to Russians and make a faster decision on exiting Vladimir Putin’s rogue country.
Hein Schumacher, who took the role last month, has been in correspondence with Oleh Symoroz, 26, and said he will look at the firm’s role in Russia with a “fresh pair of eyes”.
Unilever has defended keeping four factories open and continuing to sell ice creams there as the “least bad option”.
Oleh, from Kyiv, who had both legs amputated after a Russian anti-tank mine exploded, said it was “refreshing” that the CEO was in touch with him.
But he urged: “Think better and faster, Mr Hein.”
The ailing Russian rouble fell yesterday to its lowest point since March 2022.
