Wilko administrators set Wednesday deadline for potential bidders

The historic high street chain fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy.

Wilko is continuing to trade and has not announced any redundancies after formally entering insolvency last week (Sam Russell/PA) (PA Wire)

Bidders for crisis-stricken retailer Wilko have been given a Wednesday deadline to table offers to buy the firm.

The historic high street chain fell into administration last week, putting the future of its 400 stores and 12,500 workers in jeopardy.

It is understood that administrators from PwC have set the deadline as they quickly seek to strike a deal which could save jobs.

Wilko is continuing to trade and has not announced any redundancies after formally entering insolvency last week.

The retailer’s chief executive Mark Jackson said last Thursday it had received “a significant level of interest” but was “left with no choice but to take this unfortunate action” after being unable to close a solvent sale.

The administration process means that bidders are not expected to take on all the company’s liabilities, such as costly debts, as part of any deal.

It is understood Wilko held talks with private equity firms Gordon Brothers, which owns Laura Ashley, and Alteri, which owns Bensons for Beds, as it sought funding to keep it afloat before ultimately entering administration.

It is not clear if either party will enter the latest process to potentially buy the Wilko brand, stores or other assets.

PwC declined to comment.