HMV owner makes one last attempt to save Wilko

HMV owner Doug Putman has begun negotiations with PwC administrators to acquire around 200 Wilko stores. Credit: Fabio De Paola/PA Wire

The Canadian businessman who brought HMV back to the brink of obscurity became a last-minute potential buyer for the collapsed Wilko chain.

Doug Putman, credited with turning HMV's fortunes after buying it from In 2019, the Wilko administration began negotiations with PwC's Wilko administrators to acquire about half of Wilko's 400 stores, although it is understood that no formal application has been made.

About 10 other parties are expected to be interested in acquiring the stores , including a small number of those who expressed interest in potentially buying more than 50 stores.

News of Mr. Putman's interest, first reported by The Times, raises the prospect that thousands of jobs could be saved in the collapsed Main Street network, whose administration collapsed earlier this month after it struggled to recovering from the pandemic and was unable to find a buyer.

It is reported that Mr. Putman would continue to operate a number of Wilko-branded stores if he acquired them. A further announcement about Wilko's future is expected next week.

This comes a day after PwC warned that many Wilko stores were likely to close and jobs would be lost.

“Although discussions are ongoing with those who are interested in buying part of the business, it is clear that the nature of this interest is not focused on the entire Group,” the company said in a statement on Wednesday.

A PwC spokesperson added on Thursday evening: «As administrators, we are committed to delivering the best possible outcome for all participants while maintaining as many jobs as possible and adhering to our statutory duty to act in the best interest of creditors as a whole.» /p>

«It would be inappropriate to comment on individual bidders or stakeholders at this stage of the process.»

Reported that brothers Simon and Bobby Arora are interested in buying some Wilko stores to add to the B&M portfolio.

Competing cut-price retailers, including B&M, run by the Arora brothers, are reportedly also interested in acquiring some of Wilko's stores.

Wilko has struggled with a legacy of supply problems during the pandemic and overexposure to the sick Britain's main streets.

But sales and share prices of B&M — which has a greater focus on retail parks and higher traffic areas — have surged in recent months.

Mr Putman , which owns Canadian retailer Sunrise Records, has changed HMV to vinyl and merchandise instead of CDs and DVDs. it has become known over the past decades.

Sales to British parent company HMV Sunshine Records and Entertainment, which also owns the small Fopp chain, jumped from £90m to £150m in the 12 months to May 2022. and HMV is set to move back to its flagship store on Oxford Street later this year, four years after the store closed its doors.

Mr Putman declined to comment.