A fresh rescue bid for Wilko has emerged as efforts to save the retail chain continue.
Private equity firm M2 Capital has confirmed it has made a £90m bid for the business, and has pledged to retain all employees’ jobs for two years.
The bid by M2, first reported by the Guardian, is one of several offers being considered by administrators.
Wilko fell into administration earlier this month, putting 12,500 jobs and 400 stores at risk.
The administrators for Wilko, PricewaterhouseCoopers, set a deadline of Friday last week for bids for the chain, and are understood to be reviewing offers over the weekend.
M2 managing director Robert Mantse told the BBC that if the firm’s rescue bid was accepted, M2 would “guarantee all employees’ jobs for two years”.
Responding to the news, the national secretary of the GMB union, Andy Prendergast, said that while “the devil is always in the detail… any bid that guarantees jobs has to be prioritised”.
Last week, it also emerged that the owner of HMV, Canadian businessman Doug Putman, is also interested in salvaging some of the Wilko business.
However, it is not clear how many stores or jobs would be saved if Mr Putman’s bid is successful.
Administrators will weigh up all offers for a business, but ultimately have a legal duty to act in the best interest of the firm’s creditors.
Wilko, well known for its affordable everyday items, has been struggling with sharp losses and a cash shortage.
It has also been criticised for falling behind rivals such as B&M, Poundland, The Range and Home Bargains, as the high cost of living has pushed shoppers to seek out bargains.
