Greg Wright talks us through today's business headlines. 15/8/2023
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00:00 Hello, my name is Greg Wright,
00:02 and I'm the Deputy Business Editor of the Yorkshire Post.
00:05 And here are your business headlines for this morning.
00:08 Bidders for the retailer Wilco
00:10 have been given a deadline of Wednesday
00:13 to table offers to buy the firm.
00:15 The historic high street chain
00:17 fell into administration last week,
00:19 putting the future of its 400 stores
00:21 and 12 and a half thousand workers in jeopardy.
00:24 It is understood that administrators and PwC
00:26 have set the deadline as they quickly seek to strike a deal
00:29 which could save jobs.
00:31 Wilco is continuing to trade
00:32 and has not announced any redundancies
00:34 after formally entering insolvency last week.
00:37 The retailer's chief executive, Mark Jackson,
00:39 said last Thursday he's received
00:41 a significant level of interest,
00:43 but was left with no choice
00:45 but to take this unfortunate action
00:47 after being unable to close a solvent sale.
00:51 The administration process means
00:52 that Bidders are not expected
00:53 to take on all the company's liabilities,
00:55 such as costly debts, as part of any deal.
00:58 It is understood that Wilco held talks
01:01 with private equity firms,
01:02 Gordon Brothers, which owns Laura Ashley,
01:04 and El Terry, which owns Benson's for Beds,
01:07 as it sought funding to keep it afloat
01:09 before ultimately entering administration.
01:12 So an update there that a Wednesday deadline
01:15 has been set for Bidders
01:17 for the crisis-stricken retailer Wilco,
01:20 which fell into administration last week.
01:24 My name's Greg Wright,
01:25 the Deputy Business Editor of the Yorkshire Post.