Wilko, one of Britains biggest discount retailers, is racing to secure a cash injection as it prepares to launch a financial restructuring aimed at securing its future.
Sky News has learnt that Wilko, which is owned by its founding family and employs about 12,000 people, is working with advisers to raise tens of millions of pounds of new equity in the coming weeks.
The hunt for additional funding comes as the chain finalises a company voluntary arrangement (CVA) – a mechanism that would trigger steep rent cuts at hundreds of stores.
City sources said on Friday that Wilko had this week approached a number of prospective financial investors for funds to support its CVA proposal.
The company and PricewaterhouseCoopers (PwC) which is overse…
Read the full article at: https://news.sky.com/story/wilko-races-to-raise-cash-in-bid-to-salvage-restructuring-deal-12916984