Unsecured creditors of Wilko could receive as little as 4p for each pound of the money they lent the collapsed discounter, according to reports from administrator PwC.
PwC said that those owed funds by Wilko Limited, the group’s core trading company, may only receive between 4% and 8% while the Pension Protection Fund was expected to be repaid £20 million for its secured loan and the fate of millions in unsecured debt remains up in the air.
Barclays and Hilco UK, two of Wilko’s major creditors, will receive the full £2.4 million and £39.9 million they are owed respectively.
Poundland, B&M and The Range all purchased parts of the failed company after it went into administration last month, but ultimately the core business was not saved, meaning around 200 sites are expected to close next month, with up to 10,000 jobs predicted to be lost.
Numerous other retailers have expressed interest in the closing sites, with fellow discounter Poundstretcher revealing earlier this week that it was considering scooping up some of the stores.
Primark, Frasers Group and TK Maxx have also joined the fray and are looking at potential sites that are closing, with Mike Ashley’s group considering finding venues in retail park locations for Sports Direct stores.
Criticism has mounted against the Wilkinson family, the retailer's owners, recently after the collapse revealed there was a £56 million deficit in its workers’ pension fund, despite the majority shareholders receiving £77 million in dividends over the last decade.
PwC launched an investigation into the issue after unions urged MPs to step in and the probe is expected to look through bank statements and conduct interviews with directors.