The Canadian businessman that brought HMV from the brink to oblivion is now a possible last-minute buyer of collapsed chain Wilko.
Doug Putman has begun talks with Wilko administrators at PwC to acquire around half of Wilko’s 400 stores, although no formal bid is believed to have been made.
It is believed that around 10 other parties have expressed interest in buying stores. A small number of them has even expressed an intention to buy more than 50.
The news of Mr Putman’s interest raises the possibility that thousands could be saved from the collapsed high street chain. It went into administration in early this month, after struggling to recover and failing to find a buyer.
If he was to purchase them, Mr Putman, according to reports, would continue to operate a number shops under the Wilko name. A further announcement about the future of Wilko is expected to be made in the next week.
The news comes just one day after PwC said that many Wilko’s store closures and job losses were likely.
It said that “While discussions are ongoing with those interested to buy parts of the company, it is clear that this interest does not focus on the entire Group,” on Wednesday.
PwC’s spokesman said on Thursday night: “As administrators, we are committed to achieving the best possible outcome for all parties involved while maintaining as many jobs as is possible and adhering our statutory obligation to act in the interests of creditors as a group.
It would be inappropriate at this stage to comment on specific bidders or interested partys.
According to reports, rival discount retailers, including B&M run by the Arora Brothers are also interested in buying some Wilko’s shops.
Wilko struggled to cope with the legacy supply problems during the pandemic, and the overexposure of Britain’s failing high streets.
B&M’s sales and share prices have soared recently, as the company focuses on retail parks with high footfall.
Mr Putman, the owner of Sunrise Records in Canada, has turned HMV around by refocusing the company on vinyl and merchandise, instead of CDs and DVDs, for which it was known over the past decades.
The sales at HMV UK’s parent company Sunshine Records and Entertainment – which owns the smaller chain Fopp – jumped from £90m (£90m) to £150m (£150m) in the year to May 2022. HMV will return to its former Oxford Street flagship store later this summer, four years after closing the doors.
Mr Putman declined comment.
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