High Street retailer Wilko has reportedly brought in property agent CBRE ahead of meeting with landlords in an effort to negotiate rent cuts across its store portfolio.

Wilko recently entered a voluntary insolvency process known as a company voluntary agreement (CVA), with sources telling Sky News the discount retailer would likely focus the arrangement on slashing rent costs opposed to shuttering up to 400 of its stores across the UK.

Wilko chief executive Mark Jackson told Sky News the CVB was initiated in January as part of a strategic plan to first stabilise the business and then implement a growth strategy.

"We're in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko's long-term future,” he said. "We're confident with the right actions, we'll continue to be a key feature on the British high street and expand our omnichannel offer, providing customers a place to shop all their household and garden needs."

Wilko recently cut 400 jobs amid plummeting sales. After falling almost £37 million into the red, the privately-owned company also began seeking a £30 million debt facility having previously offloaded its Nottingham-based distribution centre to DHL for £48 million.

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