Budget UK retailer Wilko has filed a notice of intent to appoint administrators in a move that leaves 12,000 jobs at risk.
The popular household and gardening chain, which has around 400 stores including one in Leeds city centre on Albion Street, has struggled in the tough economic climate.
Last year it borrowed £40m from restructuring specialist Hilco, cut jobs, and closed several stores after falling to a loss.
Wilko has reportedly struggled to pay suppliers and has had to pause some deliveries after a credit insurer withdrew cover for the retailer.
The company filed a notice of intent on Thursday that over the past few months, it had been working with advisory firm PricewaterhouseCoopers in an attempt to find a buyer in the hopes of freeing up more cash to keep the retail chain afloat.
Image: Manchester Arndale
Wilko chief executive Mark Jackson has confirmed that whilst there were ‘significant levels of interest’, the business has not yet received an offer.
He said:“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business.”
A notice of intention protects a business from creditors for 10 days in order to give it time to secure its finances, and does not necessarily mean that its stores will close.
The business needs to find more cash by the end of the month, however, and if the administration process is unsuccessful things may in turn lead to liquidation.
In a statement, Mark Jackso said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.
“Unfortunately, with this in mind, today we’re having to take the difficult decision to file a [notice of intention to appoint administrators].”
“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”
After six years in the city, independent homeware retailer North Home is closing its Leeds city centre shop.
If you're a lover of all things home then you'll have most likely visited the gorgeous North Home shop in the Victoria Quarter.
Stacked to the brim with unique pieces from striking ceramics to stylish soft furnishings, North Home is known for its well-curated stock and great customer service.
Seriously, we've probably spent a good hour in here in awe of all the beautiful pieces.
Images: The Hoot Leeds
Last week, curious shoppers noticed the three-storey store was suddenly empty and now the company have confirmed that they have closed for good.
In a statement, they said: "After nearly 6 wonderful years trading in Leeds, we’ve made the difficult decision to close our physical store while we restructure the business and explore the next chapter for North Home.
"Retail has changed significantly in recent years and, like many independent businesses, we’ve faced increasing costs.
Images: The Hoot Leeds
"Taking this step now gives us the opportunity to protect what we’ve built and focus on the future of the brand. North Home continues to operate online and all existing customer orders will be fulfilled as normal although delivery times may be slightly extended.
"We’ve loved being part of the Leeds retail community since 2020 and are incredibly grateful for the support we’ve received. We hope to share more about our plans soon."
We'll be sad to see them go and we hope this isn't goodbye forever, but you can still shop from North Home online here.
A new female-founded business has opened in Leeds and it’s a trinket-lover’s paradise
Clementine Hall
Lisa Angel has just opened inside the Victoria Gate and it’s an Aladdin’s Cave full of jewellery, prints, gifts and everything in between.
The best part? It’s a female-founded brand that has chosen our wonderful city for their first Yorkshire site. We absolutely don't blame them.
Founded in 2004 by Lisa hand making jewellery which she sold at craft fairs local to her Norfolk home, the business has gone from strength to strength every since.
The brand is now a recognised part of the British high street landscape, boasting seven other stores across Norfolk, Suffolk, and the Midlands.
Images: The Hoot Leeds
Shoppers can expect beautifully handcrafted jewellery, unique trinkets and wonderful staff who are open to have a natter.
It's the perfect shop for when you don't exactly know what to buy that someone special, just pop in here and you'll be hit with a wave of inspiration immediately.
We could've genuinely spent a good hour in there and come out with a much lighter wallet.
Lisa herself spoke about the opening: “As an independent retailer, we are thrilled to launch in a destination with such a reputation as Victoria Leeds.
"We believe retail should remain grounded in inspiration and discovery, and we look forward to bringing just that to the vibrant city of Leeds, in our first store in the north.”
Images: The Hoot Leeds
Managing Director James Moody said: “We're incredibly excited to be opening our first northern showcase store in such a prestigious location.
"Victoria Leeds represents exactly the kind of vibrant retail destination where we can bring the full Lisa Angel experience to new customers. This is a significant milestone for us as we continue to grow our retail presence."
The Hoot -
3rd August 2023 
