Private equity group M2 Capital had been given until 5pm yesterday to provide proof of funds
An 11th-hour rescue bid to save high street giant Wilko has collapsed and staff are set to be told today, national reports claim. The Nottinghamshire-headquartered firm employs thousands of people in the county, with more than 12,000 employees nationwide.
Robert Mantse, a former PwC mergers and acquisitions expert in Russian metals and mining, heads the firm and claimed he would buy the entire company, keep staff and give them equity and pay rises.However, The Sun reports that sources close to the process said that his involvement had wasted time and "was too speculative to be taken seriously". As a result, the newspaper claims PwC is expected to tell staff that the deal won't be going ahead - and job cuts are expected.
Other discounter chains such as B&M Bargains, Poundland, Home Bargains and The Range are also said to have made offers for some of Wilko’s stores. Poundland's owner, Pepco Group, is said to be looking at taking on 100 Wilko stores, according to Sky News, and B&M is believed to be looking to take on between 40 and 50 stores.
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