HMV owner Putman edges closer to rescue deal for bulk of Wilko
The owner of HMV is finalising a deal to rescue the majority of Wilko’s operations, salvaging more than 8,000 jobs at the stricken high street retailer.
Sky News has learnt that Wilko’s administrators, PricewaterhouseCoopers (PwC), began consulting the chain’s major creditors on Thursday on the terms of an agreement with Doug Putman.
One source with financial exposure to Wilko said Mr Putman intended to acquire more than 300 of its 400 stores, meaning that between 8,000 and 9,000 jobs of a total workforce of 12,500 could be saved.
Depending upon further deals with other retailers to buy some of Wilko’s stores, however, that could mean several thousand high street workers face losing their jobs.
A deal with Mr Putman could be announced in the next few days, although people close to the situation cautioned that some uncertainty remained until it was agreed.
The final store and job perimeters involved in the deal are also yet to be formalised, according to one creditor.
“It’s still in the balance but it is beginning to look more positive that a deal can get done,” the creditor said.
On Thursday, PwC confirmed the first redundancies since its appointment when it announced that 283 jobs would be lost, mainly at its support centre operations.
“We will continue to do all that we can to support staff through this period of difficult upheaval, and to maximise their opportunities for a rapid return to work,” Jane Steer, joint administrator, said.
“Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect.”
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What happened to Wilko?
Details of Mr Putman’s deal structure were unclear on Thursday, although he has approached financiers including Gordon Brothers, the specialist retail investor, about backing a deal, Sky News revealed last weekend.
PwC has been seeking external investment for Wilko for months – a search which acquired greater urgency three weeks ago when the accountancy firm was formally appointed as administrator.
Poundland’s parent and B&M European Value Retail have been eyeing the purchase of 150 shops between them, although those deals would not take place if Mr Putman succeeds in buying the bulk of its outlets.
The Range, another value retailer, has made an offer to buy Wilko’s brand and online operations.
A further bidder for Wilko, M2 Capital, reportedly tabled an offer for the whole group but on Thursday the GMB union said it had been informed by PwC “the one bid for the entire business has fallen through as the bidders have failed to provide the necessary evidence to show that they had the finances necessary to purchase the company despite being given numerous opportunities to do so”.
PwC said: “Since their appointment, the administrators have been working closely with Wilko, its employees and suppliers and have considered multiple varied bids and expressions of interest related to the group.
“While discussions continue with those interested in buying parts of the business, it is now clear that no viable offer structure put forward includes the group in its entirety.”
The union added in a message to members: “For staff in stores and online, PWC are continuing to assess bids and we remain hopeful that there is one from a viable buyer on the table.
“However, at this stage we cannot in any way guarantee this and must therefore continue to prepare for the worst.”
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Wilko was established by the Wilkinson family in 1930, and sells homewares and garden furniture at discounted prices.
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.
Mr Putman could not be reached for comment, while PwC has been contacted for comment.
Lisa Nandy, the culture secretary, is to sign off the appointment of a chair of English football’s new referee within days.
Sky News has learnt that David Kogan, a media industry veteran who has helped negotiate a string of television rights deals across the sport in recent decades, is to be formally approved as chair of the Independent Football Regulator (IFR).
Whitehall sources said an announcement could be made by the Department for Culture, Media and Sport (DCMS) as soon as this week, although they added that the timetable could slip by a few days.
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Once approved, Mr Kogan is expected to face a committee of MPs for a confirmation hearing early next month, the sources added.
Sky News revealed last weekend that Mr Kogan had emerged as the frontrunner for the post after an earlier shortlist of three candidates was passed over.
The new regulator has the firm backing of Sir Keir Starmer, and is a key element of legislation currently passing through Parliament.
Mr Kogan, whose boardroom roles have included a directorship at state-owned Channel 4, was initially approached during a previous recruitment process launched under the last Conservative administration.
He has some links to Labour, having in the past donated money to a number of individual parliamentary candidates, chairing LabourList, the independent news site, and writing two books about the party.
Mr Kogan has had extensive experience at the top of English football, having advised clients including the Premier League, English Football League, Scottish Premier League and UEFA on television rights contracts.
Last year, he acted as the lead negotiator for the Women’s Super League and Championship on their latest five-year broadcasting deals with Sky – the immediate parent company of Sky News – and the BBC.
His current roles include advising the chief executives of CNN, the American broadcast news network, and The New York Times Company on talks with digital platforms about the growing influence of artificial intelligence on their industries.
In recent months, Sky News has disclosed the identities of the shortlisted candidates for the role, with former Aston Villa FC and Liverpool FC chief executive Christian Purslow one of three candidates who made it to a supposedly final group of contenders.
Secretary of State for Culture, Media and Sport Lisa Nandy. File pic: Reuters
The others were Sanjay Bhandari, who chairs the anti-racism football charity Kick It Out, and Professor Sir Ian Kennedy, who chaired the new parliamentary watchdog established after the MPs expenses scandal.
The apparent hiatus in the appointment of the IFR’s £130,000-a-year chair threatened to reignite speculation that Sir Keir was seeking to diminish its powers amid a broader clampdown on Britain’s economic watchdogs.
Both 10 Downing Street and the Department for Culture, Media and Sport (DCMS) have sought to dismiss those suggestions, with insiders insisting that the IFR will be established largely as originally envisaged.
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The creation of the IFR, which will be based in Manchester, is among the principal elements of legislation now progressing through parliament, with Royal Assent expected before the summer recess.
The Football Governance Bill has completed its journey through the House of Lords and will be introduced in the Commons shortly, according to the DCMS.
The regulator was conceived by the Tories in the wake of the furore over the failed European Super League project, but has triggered deep unrest in parts of English football.
Its creation forms part of a process that represents the most fundamental shake-up in the oversight of English football in the game’s history.
The establishment of the body comes with the top tier of the professional game gripped by civil war, with Abu Dhabi-owned Manchester City at the centre of a number of legal cases with the Premier League over its financial dealings.
The Premier League is also keen to agree a long-delayed financial redistribution deal with the EFL before the regulator is formally launched, although there has been little progress towards that in the last year.
“We do not comment on speculation,” a DCMS spokesperson said when asked about the impending announcement of Mr Kogan as the IFR chair.
“No appointment has been made and the recruitment process for [IFR] chair is ongoing.”
A UK-based car distributor has seen its shares hit a four-year low after reporting a fall in sales and warning of hits ahead from Donald Trump’s trade war.
Inchcape, which exports cars for manufacturers across more than 40 countries globally, saw its stock lose up to 16.9% in early trading on Wednesday after its first quarter trading update.
It told investors that while it was not currently experiencing damage from the Trump administration’s 25% tariffs on all US car imports, revenue fell by 5% over the three months to March to £2.1bn.
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Inchcape reported a resilient performance from its Americas division but struggles in its Asia-Pacific and European markets.
The period was dominated by trade war fears generally as the US president’s second term got under way and was marked by a surge in demand for goods in the US in a bid to beat any tariffs he threatened to impose.
Inchcape blamed the revenue decline on a strong comparable period in 2024 and “mixed market momentum”, led by that dash for shipments to the US to beat the imposition of any additional US duties.
They were universally imposed earlier this month, but Mr Trump has since signalled that some exemptions may soon be applied.
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There are fears that a prolonged period of trade disruption could result in job losses within the UK car industry and its supply chain.
Inchcape reaffirmed its 2025 guidance but said that excluded any impacts from tariffs.
Its actions to mitigate the effects included a focus on costs and inventory.
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Chief executive Duncan Tait said: “Demand is not currently being impacted by the tariff situation, although we do expect to see potential impacts on supply from our OEMs (original equipment manufacturers), the competitive environment, and market demand.
“We are taking proactive steps to support our key stakeholders, including taking a conservative approach to managing inventory levels, ensuring we remain disciplined on costs, focusing on cash generation and maintaining our strong balance sheet.”
Shares had recovered some poise by mid-morning, trading down by just over 7% following the initial slump.
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