Canadian businessman who bought HMV launching last-minute bid to save Wilko

The retailer tumbled into administration two weeks ago, putting the future of its 400 shops in doubt.

Wilko tumbled into administration two weeks ago, putting the future of its 400 shops in doubt (James Manning/PA) (PA Wire)

A Canadian businessman is launching a last-minute bid to save stricken retailer Wilko, it is understood.

Wilko tumbled into administration two weeks ago, putting the future of its 400 shops in doubt.

Administrators from PricewaterhouseCoopers (PwC) have sought offers from interested firms in an effort to save jobs and stores.

Doug Putman, who bought music retailer HMV in 2019, is set to make an offer which the BBC reported is unlikely to meet legal requirements.

It comes after the GMB union, which represents more than 3,000 of Wilko’s 12,500 staff, said it had been told the high street chain plans to close stores next week and will announce a raft of redundancies.

PwC said this was “speculation”.

A spokesperson said: “Since our appointment as administrators of Wilko we have worked relentlessly to secure a sale of the business, and talks are continuing with a number of parties.

“As administrators we’re intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.

“It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”