Wilko administrators set deadline for bids

The administrators of Wilko have set a deadline to potential buyers of the high-street mainstay after it fell into insolvency last week.

According to Sky News, PricewaterhouseCoopers (PwC) have set a deadline of Wednesday for interested parties to table bids for the company which operates around 400 stores and employs more than 12,000 people.

The report notes that investment firms including Gordon Brothers, Alteri Investors and Opcapita are mulling an offer, with PwC previously spending months with Wilko to find a buyer.

A separate report from the Times said that an interested buyer would need to inject around £70 million as part of any rescue deal.

Over the weekend, the company started advertising major discounts in-store as part of an administration sale. The company said that thousands of items would be reduced in price.

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