Wilko didn't invest while B&M and Poundland did — 400 stores closed, 12,500 jobs gone

Wilko was founded in Leicester in 1930 by James Kemsey Wilkinson. By the 1990s it was one of Britain's fastest-growing retailers, and a decade before its collapse its sales were larger than B&M's. It operated 408 stores, most of them in high-street locations in traditional town centres, and employed around 12,500 people.

The decline was slow and visible. Rivals — B&M, Poundland, Home Bargains, The Range — offered similar goods at lower prices in larger, better-located stores. Wilko's high-street estate, an asset when Woolworths collapsed in 2008, became a liability as shoppers shifted to retail parks after the pandemic. The chain struggled to join up its online and in-store operations. At least one credit insurer withdrew trade cover, suppliers paused deliveries, and gaps appeared on shelves.

In January 2023 Wilko borrowed £40 million from restructuring firm Hilco Capital. In February it announced up to 400 job cuts. On 10 August 2023 it entered administration with PwC appointed as administrator. The company collapsed with £625 million in debt and a £50 million pension deficit. Reports noted the owning family had taken £77 million out of the business over the preceding decade.

No buyer emerged for the whole chain. B&M purchased 51 stores for £13 million. Poundland took leases on 71. A bid by Doug Putman for up to 300 stores collapsed. CDS Superstores, owner of The Range, bought the Wilko brand and website for £5 million. The last stores under the original ownership closed on 8 October 2023.