Wilko bidder criticises PwC over bidding process
M2 Capital was understood to have put forward a bid that would see Wilko continue to trade as a chain, with administrators coming under pressure to accept the last-minute rescue deal
Restructuring specialist M2 Capital has reportedly criticised the administrators of Wilko after submitting a last-minute offer to rescue the retailer.
According to The Financial Times, M2 wrote to PwC chair Bob Moritz earlier this week to criticise the bidding process and question whether it was “fair and transparent” after submitting an offer worth £90m.
In an email seen by the FT, M2 Capital reportedly complained that it had to submit its final offer and proof of financing on Bank Holiday Monday without being given access to a secure data room to examine Wilko’s finances.
M2 Capital was understood to have put forward a bid that would see Wilko continue to trade as a chain, with administrators coming under pressure to accept the last-minute rescue deal, The Guardian reported earlier this week.
Despite this, a source told the FT that they “questioned the seriousness” of M2’s offer and whether it had the required funds available to buy Wilko in its entirety, after it reportedly failed to provide further details in response to queries from the administrators on Monday (28 August).
In addition, in a statement to the FT, PwC said: “We wholeheartedly reject the assertions and characterisations in this open letter. We are running a fair and transparent sales process, and remain focused on our duty to secure the best outcome for all creditors, while preserving as many jobs as possible.
“We are actively engaging with all interested parties, assessing the deliverability of all bids made and requesting necessary information. It would be inappropriate to comment on individual bidders or interested parties at this stage in the process.”
It comes after Canadian businessman Doug Putman also made a last-ditch attempt to rescue parts of Wilko in a move that could save up to 4,000 jobs.
According to The Times, Putman, who purchased HMV in 2019, held talks with Wilko’s management team and administrators from PwC ahead of a final deadline for offers last Friday (25 August).
It reported that his offer would see around half of the 400 shops and up to 4,000 Wilko staff retained. He would reportedly continue to run it under the Wilko brand if a deal was secured.
M2 Capital and PwC have been contacted for further comment.
