Wilko deal to buy firm and save jobs falls through

A woody to bargain Wilko, which claimed to warrant jobs for the adjacent 2 years, has fallen done aft a bidder failed to record paperwork successful time.

Private equity steadfast M2 Capital said it made a £90m bid for Wilko but was incapable to supply impervious of funding.

The process of making redundancies astatine the retailer volition present resume.

But it is understood that PwC, which is overseeing the merchantability of Wilko, is inactive successful talks with HMV proprietor Doug Putman astir a deal.

Wilko fell into medication successful August putting 12,500 jobs astatine hazard crossed 400 shops. It besides has 2 organisation centres and a caput office.

M2 Capital claimed astatine the play that it would clasp each employees' roles for 2 years.

However, it is believed that the backstage equity steadfast was incapable to supply impervious of backing for its bid to administrators astatine PwC anterior to a deadline connected Wednesday.

During a speech littered with expletives, M2 Capital president Robert Mantse told the BBC that his dealings with the administrators had been a "circus" and accused PwC of being "beyond unfair".

He said M2 is present considering ineligible action. Asked what his adjacent steps would be, Mr Mantse replied helium was "going to luncheon with a precise beauteous girl".

Job cuts astatine Wilko were suspended successful caller days arsenic PwC considered M2 Capital's bid for the full business, which was submitted past week.

Administrators person antecedently said discussions person been ongoing with parties funny successful buying parts of the retailer.