HMV owner Doug Putman moves closer to rescue deal for Wilko

The Canadian was revealed to have put a bid in last week and talks have advanced as administrators PwC have begun consulting creditors on a potential deal.

The deal would see Putman acquire the majority of Wilko’s operations and keep around 300 stores, saving over 8,000 jobs.

PwC began consulting Wilko’s major creditors on Thursday on the terms of an agreement with Putman, according to Sky News.

A deal with the HMV owner could be announced in the next few days but the final number of stores and jobs involved are yet to be confirmed, according to one creditor.

It is uncertain whether the deal will definitely be completed, as a previous bid from private equity firm M2 Capital fell through after it failed to meet a deadline set by PwC to provide proof of funds.

The first round of redundancies at Wilko was announced on Thursday with nearly 300 staff being made redundant from September 4.

More redundancies are expected to be announced in the coming days.

PwC said: “We will continue to do all that we can to support staff through this period of difficult upheaval and to maximise their opportunities for a rapid return to work. 

“Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect.

“We will be circulating correspondence to all staff as soon as possible, which will outline the support available to complete redundancy payment forms. Advice and assistance will also be available from Jobcentre Plus and other agencies.”