Wilko sold its flagship depot in a “controversial sale and leaseback deal”, which reportedly indicates the embattled retailer passed up on as much as £40m in a bid to stay afloat.

This comes after the retailer collapsed into administration earlier this month after failing to secure a rescue deal.

Questions have been raised regarding the “fire sale” as Wilko sold its 1.1 million sq ft warehouse in Worksop, Nottinghamshire, to DHL last November for £48m, according to The Mail on Sunday.

DHL is said to have sold the depot to Canadian private equity firm Brookfield Asset Management for £88m two months later.

The newspaper reported that Wilko borrowed a sum of £40m from private equity firm Hilco earlier this year, which is “identical” to the sum that it missed out on from the depot sale.

Former MP for Bassetlaw, Nottinghamshire, Lord Mann said it was “too big a change in value over such a short period”.

Former Wilko managing director Gordon Brown also said the sale of the warehouse for £48m was “surprising” and added that he “thought it would be worth more”.

Another source told the paper that the Wilko deal was a “fire sale” and added that at the time it “needed cash desperately”.

The news comes after the GMB trade union said on Friday that there are “genuine grounds for hope” that a buyer will take over all or part of Wilko.

It was also reported last week that rival discounters including B&M, Poundland, The Range and Home Bargains have all expressed an interest in parts of the retailer.

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