HMV owner Doug Putman makes last-minute offer to save Wilko

Putman also owns Toys R Us in Canada and is understood to be holding advanced talks with Wilko’s management team and administrators from PwC, according to The Times. 

His offer would mean around 400 shops would be saved as well as 3,000 to 4,000 jobs. He would continue to manage it under the Wilko brand.

However, it is reported that Wilko chief executive Mark Jackson has told senior staff that PwC would prefer to put Wilko into liquidation as it would produce higher returns for creditors.

Putman is reported to have flown to the UK last week to discuss a rescue deal for Wilko and it is understood that he has offered tens of millions of pounds. 

A source suggested to The Times that Putman’s bid would be “preferable to liquidation for suppliers and landlords” because it would keep a big chunk of the business operating. Hilco is said to have advised PwC that liquidation would result in more money.

The Canadian businessman bought HMV in 2019 after it fell into administration and now the entertainment retailer has nearly 120 stores in the UK and is preparing for its comeback to Oxford Street. 

As well as Putman, B&M and Poundland are also said to be in the running for acquiring some of Wilko’s 400 stores – but they would most likely drop the Wilko brand.