Jane Steer, Zelf Hussain, and Edward Williams from PwC have been named as joint administrators for the retail chain, which includes Wilkinson Hardware Stores Ltd, Wilko Ltd, and Wilko.com Ltd. The appointment came into effect on 10 August.

Originating Nottinghamshire, the Wilko brand employs roughly 12,500 individuals has around 400 stores dotted across the UK, of which 10 are in Scotland. The group has been grappling with severe trading difficulties. These challenges were intensified during the global pandemic and the subsequent cost of living crisis in the UK. This combination created a strain on their finances, resulting in cashflow complications and a slump in trading.

For now, all Wilko stores remain operational without immediate job cuts, but the future hangs in the balance. Pending discussions with potential interested parties, if a buyer isn’t found, this may lead to inevitable store closures and redundancies.

Mr Hussain, joint administrator and PwC partner, said: “It is incredibly sad that a well loved, family business that has been on the high street for over 90 years has had to go into administration today. I know the management team has left no stone unturned in trying to save the business.

“Many high street retailers are facing a number of well-documented challenges and wilko has been significantly impacted by the headwinds facing the industry including inflationary pressure and rising interest rates.

“wilko has been a staple of many British high streets for decades. We know that the appointment of administrators, which comes during an already challenging time for many, will be an unsettling development for everyone involved with the business - particularly its committed team members - and the communities it serves.

“As administrators we will continue to engage with parties who may be interested in acquiring all or part of the business. Stores will continue to trade as normal for the time being and staff will continue to be paid.”