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.”
IKEA will be launching its own online marketplace full of second-hand furniture.
Just like the ever-popular Facebook Marktplace, the IKEA second-hand marketplace is a dedicated space where pre-loved IKEA products can find a new home.
In bid to make affordable second-hand home furnishings easily accessible, the new online platform will enable customers across the UK to connect with one another directly, so they can buy and sell pre-owned IKEA items locally.
Designed specifically for IKEA products, the marketplace will provide everything shoppers need in one place.
The Swedish retailer is already known and loved for its 'functional' and 'affordable' home furnishings, all produced with care for people and the environment, but the launch of the new IKEA second-hand market place will make it just as easy to pass on an old favourite as it is to find a new one.
IKEA is launching its own online marketplace full of second-hand furniture / Credit: Supplied
"At IKEA, we are always looking for new ways to make life at home even better and help our customers discover products they love," a spokesperson for the retailer said.
"With the launch of IKEA second-hand marketplace in the UK, we’re taking a meaningful step toward creating a destination that simplifies access to pre-owned IKEA furniture.
"Our goal is to make passing on beloved IKEA pieces as seamless as possible.
"We’re creating a trusted and vibrant space to make it quick and easy for our IKEA Family members to trade directly with one another. We want the process for buying and selling pre-owned IKEA products to be simple, accessible and rewarding."
Detailed information regarding the official launch and how customers can get involved will be made available in the coming months.
Featured Image - Supplied
Shopping
The Leeds Chilli Shop selling sauces so hot they come with a warning
Clementine Hall
If you think you can handle your spice, then there’s one shop in Leeds that will put that to the test.
Tucked away on Merrion Street, Chilli Shop has been a staple of the Leeds high street for over a decade.
First opening back in 2014, Chilli Shop was founded by Frank Jay and has built a reputation as one of the city’s most wonderfully niche (and hottest) destinations.
It's basically a shrine to all things hot, a proper haven of everything spicy to get your tastebuds tingilng.
Images: The Hoot Leeds
We're talking everything from chilli hot sauces and jams to chocolate, cheese, dried chillies and even novelty gifts perfect for the chilli lover in your life.
But what they're most famous for is a shelf fully dedicated to the Youtube hit Hot Ones, a show where celebrities are pushed to the limit and served hot wings coated in a variety of hot sauces from mild to blow-your-head-off hot.
So if you've ever watched that show and wanted to have a go yourself, this shop stocks all the sauces so you can be the star of your own Hot Ones episode.
Images: The Hoot Leeds
Best of all, you can try before you buy. Free, heat-rated tasters are available, meaning you can work your way up from “that’s got a bit of a kick” to “I can no longer feel my face”.
We can't promise there's any milk or ice cream on hand though, so get tasting at your own risk.
So whether you’re looking for a new sauce, a spicy gift for your mate or simply want to discover exactly how much pain your tastebuds can withstand, the Chilli Shop is one Leeds independent that deserves a visit.
The Hoot -
3rd August 2023 
