Poundland owner Pepco snaps up 71 Wilko sites after its collapse
Poundland owners, Pepco, will acquire 71 Wilko sites to be transformed into Poundland chains.
Yesterday, it was confirmed that all Wilko stores would vanish after a deal with HMV owner Doug Putman fell through due to over concerns about the costs of the retailer’s infrastructure.
Rival discounter store chain B&M also bought 51 Wilko stores in a deal worth £13m. These shops will also be converted into more B&M stores.
PwC, Wilko administrators said it was confidence the sale would create a “platform” for future employment opportunities for some of the 12,500 staff members who lost their jobs following the company’s collapse.
“Alongside the previously announced agreement with B&M, we’re confident this sale will create a platform for future employment opportunities for people including current Wilko team members at up to 122 locations,” PwC said.
“We will continue to engage with other retailers around any interest in other wilko sites and are confident of completing a sale of the brand and intellectual property within the coming days.”
Formerly known as Wilkinson Cash Stores, Wilko arrived on the high street in 1930, launched by James Kemsey Wilkinson and his fiancee Mary Cooper in Leicester.
But a cocktail of dwindling demand for physical stores and competition in the discount market appeared to tip Wilko into administration.
Even when a squeeze on the public’s finances forced shoppers back to the high street in search of cheaper goods, they seemed to favour rivals B&M and Poundland.
The Range remains as a reported frontrunner to acquire the Wilko brand and online assets.