Business

Poundland to take over up to 71 Wilko stores

A deal has been struck for the owners of Poundland to take over the leases of 71 Wilko stores.

The Pepco Group will rebrand the branches under the Poundland name.

It is unclear if Wilko staff at the outlets will be kept on or rehired, but administrators PwC said it was hoped the deal would “create a platform for future employment opportunities”.

It comes after a rescue deal involving the owner of HMV collapsed earlier this week, dashing hopes that all of Wilko’s 400 branches could be saved.

PwC also warned on Monday evening that 9,100 Wilko employees were set to be made redundant by early October.

Fellow discount retailer B&M has already signed a deal to snap up 51 Wilko stores.

Joint administrator Edward Williams said: “Alongside the previously announced agreement with B&M, we’re confident this sale will create a platform for future employment opportunities for people including current Wilko team members at up to 122 locations.

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“We will continue to engage with other retailers around any interest in other Wilko sites and are confident of completing a sale of the brand and intellectual property within the coming days.”

Wilko – owned by the founding Wilkinson family for decades – collapsed into administration last month.

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