It is over and out for Wilko.
The rescue of the High Street DIY store collapsed. Next week administrators will begin the painful task of closing down 400 stores and laying off 12,000 workers.
Sad end to a spirited entrepreneur story.
This is the sad end to a spirited entrepreneur story that began in the back streets of Leicester 93 years ago.
Wilko survived depression, war, and rapid social change. Unfortunately, it couldn’t weather the weird and uncertain UK high street scene of the 21st century. Administrators PwC moved earlier in August.
“They had no hope.”
“Many people have jumped ship already. They had no hope,” says one of the workers on the shop floor this week.
GMB – the union representing thousands of Wilko workers – confirmed the collapse of the rescue plan.
“A buyer has fallen through.”
“We were informed that the sale of a significant part of the business to a buyer has fallen through. This means that there is no longer any prospect that the majority of the business will be saved,” the union said in a statement.
“For staff in stores, there remains a possibility that some might be bought, either individually or as part of larger packages. However, we must advise that we now expect significant redundancies amongst store staff albeit the timing of this is uncertain.”
The union concluded with a parting shot at management.
“Millionaires who gambled your jobs.”
“We will not forget the incompetence that has led to this collapse, and we will not forget the dividends paid to the millionaires who gambled your jobs on their whims. We will fight to ensure they are held accountable for the simple reason you deserved so much better.”
Observers blame underinvestment in Wilko’s supply chain technology. The union also claims that £3 million was taken out of the business last year at a time when it needed investment.
A story that began in 1930.
It is a sad end to an entrepreneur story that began in 1930 in the East Midlands.
JK Wilkinson and his wife Mary opened up the first hardware store in Charnwood Street, Leicester,
Founder JK Wilkinson stayed on the board of the company until the day he died, aged 91, in December 1997.
Survived bombing raids.
The pair opened six shops by 1939. They survived the bombing raids and upheaval of World War Two.
DIY rose in popularity in the lean post-war years. Everyone wanted to be a handyman, fixing up homes, on the cheap.
Own brands and expansion.
Wilkinson stores thrived through the 1950s and 60s.
The family-run business grew to sell its own brands. It also changed its name to Wilko.
By the year 2000, it had 152 shops across the country.
