General merchandise retailer Wilko has secured a £40m funding lifeline from noted high street lender Hilco and has announced a change at the head of its board.

Wilko said the £40m, which is in addition to the £48m it raised at the end of last year from the sale and leaseback of its Worksop distribution centre, will “allow it to significantly increase financial flexibility as it accelerates plans for turnaround”.

The embattled retailer, which has struggled with supply chain disruption and significant footfall declines, said it “recognises that it has not been performing to its full potential and is making strategic changes, including accelerating its omnichannel offer to turnaround the business”.

There have also been sweeping changes at executive level. In December, chief executive Jerome Saint-March stepped down and was replaced by former Bensons for Beds boss Mark Jackson. 

The retailer also said it has appointed a new chair of its non-executive committee. Chris Howell will replace major shareholder Lisa Wilkinson who will step aside from the role but remain on the board. 

Wilkinson said: “Our history is steeped in serving customers and communities going back to 1930. Right now, we’re making necessary changes to restore confidence and safeguard the future of the business. That includes making sure we have the right leadership in place – one aligned team with the right expertise to deliver the retail experience our customers are demanding of us today.”

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