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Fears for thousands of retail jobs at the ailing chain Wilko deepened on Wednesday evening when trade union officials warned that the majority of its shops were likely to close within days.

Sky News has learnt that administrators at PricewaterhouseCoopers (PwC) are in advanced talks to carve up parts of the 400-strong chain, with Poundland’s owner, Pepco Group, in discussions to acquire roughly 100 stores.

B&M European Retail, the London-listed discount chain, is also in negotiations to take on between 40 and 50 shops, according to one insider.

Other value retailers, including TOFS, which is owned by the private equity firm Duke Street, have lodged offers to acquire smaller parcels comprising about ten sites.

Retail industry sources said an announcement was expected to be made by PwC on Thursday outlining the sale agreements with at least some of the bidders.

Even if agreements with Pepco, B&M and TOFS are finalised, it is likely to mean that more than 200 Wilko stores will face permanent closure.

That could mean that well over 6,000 jobs, including those of Wilko head office staff, would be lost, although the eventual figure could be substantially higher than that.

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In a statement pre-empting an announcement from PwC, the GMB Union said: “In a meeting with administrators today GMB Union was informed there is no longer any prospect that the majority of the business will be saved.

“This means redundancies for staff in store and at call centres will begin during the coming week.

“Some stores may be bought, either individually or as part of larger packages, but significant job losses are now expected.”

The union said talks had been taking place about a larger deal for about half of Wilko’s stores with an unnamed bidder, and Sky News understands that there remains a faint, but receding, possibility that this could yet be salvaged.

Andy Prendergast, GMB national secretary, told Wilko’s 12,500-strong workforce that it would “continue to support members through this process and will fight to ensure members are consulted as per the law and that you receive every penny you are entitled to”.

“We will fight to ensure Wilko bosses are held accountable for the simple reason our members deserve so much better.

“GMB will not forget the incompetence that has led to this collapse and will we not forget the dividends paid to the millionaires who gambled your jobs on their whims. “

Reacting to the GMB statement, Jonathan Reynolds, Labour’s shadow business secretary, said:

“This is devastating news that will likely see stores close across the country. Their loss will have a massive impact on their high streets and my thoughts are with those Wilko staff and their families facing this dreadful news.

“Sadly, shuttered up shops and struggling high streets has become the norm after 13 years of Conservative economic failure.

“Labour has a plan for our high streets. We will tackle the things holding firms back by reforming business rates, cracking down on anti-social behaviour and putting an end to empty premises to bring shoppers back to their high street.”

The family-owned chain, which was established by the Wilkinson family in 1930, had been working with PwC on a search for new investment for several months.

Shortly before it crashed into administration, Sky News revealed that Gordon Brothers, Alteri Investors and Opcapita were examining last-ditch proposals to invest in the business.

Like many high street retailers, it has been hit by inflationary pressures and supply chain challenges.

In recent months, it had been seeking to finalise a company voluntary arrangement (CVA) – a mechanism that would have triggered steep rent cuts at hundreds of stores but avoided any closures.

As recently as late last month, a spokesman for Wilko had described talk of administration as “unfounded”.

The administrators said: “Since our appointment as administrators of Wilko we have held extensive discussions with parties who expressed an interest in buying all or part of the business.

“While discussions continue with those interested in buying parts of the business, it’s clear that the nature of this interest is not focused on the whole Group.

“Sadly, it is therefore likely that there will be redundancies and store closures in the future and it has today been necessary to update employee representatives.

“We know this will further add to the uncertainty felt by workers. We will be supporting staff through this deeply unsettling time, working closely with the government, JobCentre plus, unions and large employers to maximise possibilities for a rapid return to work for employees in the event of redundancies.

“In the immediate term, all stores remain open, continue to trade and staff continue to be paid. Contrary to speculation, there are currently no plans to close any stores next week.”

A B&M spokesman declined to comment and a spokesman for Pepco said he would not respond unless a query was emailed.

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How markets reacted to uncertainty over Rachel Reeves’s future

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How markets reacted to uncertainty over Rachel Reeves's future

The pound fell and state borrowing costs rose during a period of uncertainty over the chancellor’s future on Wednesday.

During Prime Minister’s Questions, Sir Keir Starmer declined to guarantee whether a visibly emotional Rachel Reeves would remain chancellor until the next election following the government’s welfare bill U-turn.

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Following his remarks, the value of the pound dropped and government borrowing costs rose, via the interest rate on both 10 and 30-year bonds.

Although market fluctuations are common, there was a reaction following Sir Keir’s comments in the Commons – signalling concern among investors of potential changes within the Treasury.

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Sterling dropped to a week-long low, hitting $1.35 for the first time since 24 June. The level, however, is still significantly higher than the vast majority of the past year, having come off the near four-year peak reached yesterday.

While a drop against the euro, took the pound to €1.15, a rate not seen since mid-April in the aftermath of President Donald Trump’s tariff announcements.

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Meanwhile, the interest rate investors charge to lend money to the government, called the gilt yield, rose on both long-term (30-year) and ten-year bonds.

The UK’s benchmark 10-year gilt yield – so-called for the gilt edges that historically lined the paper they were printed on – rose to 4.67%, a high last recorded on 9 June.

And 30-year gilt yields hit 5.45%, a level not seen since 29 May.

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Both eased back in the hours following – as a spokesperson for the prime minister attempted to quell speculation about the chancellor’s future.

Sky News understands the prime minister made clear to the chancellor that she has his “complete support” and remains integral to his project.

Ms Reeves has committed to self-imposed rules to reduce debt and balance the budget. Speculation around her future led investors to question the government’s commitment to balancing the books – and how they would do that.

The questions over her future came after the government scrapped the core money-saving component of its welfare bill, which had been intended to reduce spending in order to meet fiscal rules.

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More bad news for Elon Musk as Tesla deliveries miss target again

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More bad news for Elon Musk as Tesla deliveries miss target again

Tesla’s woes have deepened as latest production and deliveries figures showed a greater fall than expected.

A total of 384,122 Teslas were delivered from April to June this year, a 13.5% drop on the same period last year and the second quarter of slumping output.

Wall Street analysts had expected Tesla to report about 1,000 more deliveries.

It’s bad news for Tesla chief executive Elon Musk in a week of attacks from President Donald Trump on him personally, as well as his companies.

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Mr Musk found himself on the wrong side of Mr Trump and the majority of US congresspeople in his opposition to the so-called big beautiful bill approved by the US Senate.

His criticism of the inevitable debt rises the bill will result in led Mr Trump threatening to end subsidies for Mr Musk’s numerous businesses and to deport him.

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His role as founder and chief executive of numerous businesses has made him the world’s richest man, according to Forbes.

As well as Tesla, Mr Musk founded space technology company SpaceX and Starlink. He also acquired the social media company Twitter, which he rebranded X.

It was the poor performance of Tesla that pushed him out of full-time politics and back to the Tesla offices.

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After months of share price tumbles and protests at Tesla showrooms, sales drops and car defacings, Musk left his work with the Trump administration’s Department of Government Efficiency (DOGE).

Not everyone viewed the figures as negative.

Analysts at financial services firm Wedbush said: “Tesla’s future is in many ways the brightest it’s ever been in our view given autonomous, FSD [full self-driving], robotics, and many other technology innovations now on the horizon with 90% of the valuation being driven by autonomous and robotics over the coming years but Musk needs to focus on driving Tesla and not putting his political views first.”

After a 5% share price fall earlier this week when Mr Musk strayed back into political matters, Tesla stock rose 4.5% on Wednesday.

The latest financial details for Tesla will be published later this month.

In the first three months of the year, Tesla’s profits fell by 71% to $409m (£306.77m) from $1.39bn (£1.04bn). Revenues were also well below forecasts, dropping 9% to $19.3bn (£14.5bn).

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AstraZeneca exit is a frightening prospect for the City and the government

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AstraZeneca exit is a frightening prospect for the City and the government

It’s a threat that will send a shiver down the spine of Downing Street and shake the City of London to its core.

Even the notion that AstraZeneca (AZ) – the UK’s most valuable listed company – is thinking of upping sticks and switching its stock market listing to America is a frightening prospect on many levels.

After all, if your biggest firm departs for Wall Street, what message does it send to an already bruised London stock market that has struggled to find its way since the UK’s vote to leave the European Union?

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The timing of the report in The Times that Pascal Soriot, the pharmaceutical company’s long-standing chief executive, is considering his own Brexit for the company, will not be lost on anyone.

The Treasury is under severe strain and the Starmer government, apparently focused on compromise given its welfare reform U-turns, bruised.

Ministers have been scrambling to get the support of business back, after a budget tax raid that has added to the cost of employing people in the UK, by launching a series of strategies to demonstrate a growth-led focus.

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Mr Soriot’s reported shift is the culmination of years of frustration over UK tax rates and support for business – though it could also remove a focus on his own remuneration as the highest-paid director of a UK-listed firm.

Astrazeneca Boss Pascal Soriot
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Pascal Soriot has run AZ since 2012

AZ has its own gripes with Labour.

In January, the company cancelled a planned £450m investment in a vaccine factory on Merseyside, accusing the government of reneging on the previous Conservative administration’s offer of financial aid.

At the same time, it has been rebuilding its presence in the United States.

That speaks to not only a home market snub but also the election of a US president intent on protecting, as he sees it, America-based companies and jobs.

Donald Trump is threatening 25% tariffs on all pharma imports.

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AZ has already promised a $3.5bn (£2.6bn) investment in US manufacturing by the end of 2026.

It has also rejoined the leading US drug lobby group, bolstering its voice in Washington DC.

There are sound reasons for bolstering its US footprint; more than 40% of AZ’s revenues are made in the world’s largest economy. Greater US production would also shield it from any duties imposed by Mr Trump and any MAGA successor.

Since Brexit, complaints among UK stock market constituents have been of low valuations compared to peers (with a weak pound also leaving them vulnerable to takeovers), weaker access to capital and poor appetite for new listings.

Wise, the money transfer firm, became the latest UK name to say that it intends to move its primary listing to the US just last month.

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Shein had been exploring a London flotation until it was blocked. Pic: Europa Press via AP

If followed through, it would tread in the footsteps of Flutter Entertainment and the building equipment suppler CRH – just two big names to have already left.

London was snubbed for a listing by its former chip-designing resident ARM back in 2023.

An initial public offering by Shein, the controversial fast fashion firm, had offered the prospect of the biggest flotation for the UK in many years but that was blocked by the Chinese authorities.

Efforts to bolster the City’s appeal, such as through the Financial Conduct Authority’s overhaul of listing rules and the creation of pension megafunds to aid access to capital, have also been boosted in recent months by investors in US companies taking a second look at comparatively low valuations in Europe.

Market analysts have charted a cash spread away from the US as a hedge against an erratic White House.

The Times report suggested that Mr Soriot’s plans were likely to face some opposition from members of the board, in addition to the UK government.

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The City of London has faced a series of challenges since Brexit Pic: iStock

AstraZeneca has not commented on the story. Crucially, it did not deny it.

But a government spokesperson said: “Through our forthcoming Life Sciences Sector Plan, we are launching a 10-year mission to harness the life sciences sector to drive long-term economic growth and build a stronger, prevention-focused NHS.

“We have already started delivering on key actions, from investing up to £600m in the Health Data Research Service alongside Wellcome, through to committing over £650m in Genomics England and up to £354m in Our Future Health.

“This is clear evidence of our commitment and confidence in life sciences as a driver of both economic growth and better health outcomes.”

Governments don’t comment on stories such as these, but you can bet your bottom dollar that the departure of your biggest firm by market value is not the message a government laser-focused on growth can afford to allow.

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