Wilko secures £40m in funding from Homebase owner
The retailer has also revealed it has appointed Chris Howell as chair and non-executive director
Wilko has reportedly secured £40m in funding from Hilco UK, the investor which owns both Homebase and Cath Kidston.
According to the Financial Times, the details of the asset-based credit facility were filed with Companies House although they have yet to be fully disclosed. However, the outlet added it is thought the lender has been given security over Wilko’s intellectual property, including its logo, marketing slogans and own-label product names.
The retailer has also revealed it has appointed Chris Howell as chair and non-executive director with Lisa Wilkinson to step down as chair but remain on the board as family director.
The news comes after Wilko drafted in Teneo as advisors last year as the retailer seeks to cut costs across the business amid the cost-of-living crisis.
Rising inflation, shipment delays and store closures during the Queen’s funeral adversely affected Wilko’s business, and Teneo was appointed to assess options for the business.
Wilko told the FT it was “making necessary changes to restore confidence and safeguard the future of the business”.
