Hundreds of jobs will be cut at embattled retailer Wilko after a last-minute bid to buy the firm by private equity firm M2 Capital fell flat, administrators have said.
Some 269 roles at Wilko’s Worksop support centre in Nottinghamshire will face the axe, according to PwC, alongside 14 roles at subsidiary Kin Limited.
Further cuts will be announced next week after M2 Capital’s bid for Wilko collapsed over an inability to prove funding for the £90 million offer.
Wilko fell into administration earlier this month, with administrator PwC having since discussed a potential sale of all or part of the business’s 400 stores.
Though PwC had reassured this week that Wilko’s 12,500 staff would keep their jobs, M2 Capital’s proposal was the last in which the entire chain would remain open.
“Administrators have been working closely with Wilko, its employees and suppliers and have considered multiple varied bids and expressions of interest related to the Group," a PwC spokesperson said.
“While discussions continue with those interested in buying parts of the business, it is now clear that no viable offer structure put forward includes the Group in its entirety.”
M2 Capital chairman Robert Mantse accused PwC of being “beyond unfair” though after last week’s bid was ultimately rejected on Thursday.