WILKO's administrators at PwC have given a deadline of 5pm today for private equity M2 Capital to provide evidence that it has proof of funds to complete a rescue of the bust retailer.
M2 Capital, a relatively unknown firm, made an eleventh-hour offer of £89million to buy Wilko last Friday.
The surprise offer puts it against competition from Doug Putman, owner of HMV, who has said he will keep stores, jobs and the brand name.
Administrators, working to find a saviour for Wilko under the codename Project Falcon, also have offers to buy some of Wilko’s stores from discount retailers including B&M Bargains, Poundland and The Range.
Sources say administrators at PwC are sceptical about the credibility of M2 Capital, which styles itself as a Anglo-Canadian buyout shop.
It is run by Robert Mantse, who has previously worked in Russia as a metals and mining banker and now claims to have interests in films and hotels.
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Mr Mantse told The Sun he is in talks with a “British-born billionaire who lives in the US” about financing for the Wilko offer.
Mr Mantse confirmed to The Sun that while M2 Capital claims to be the owner of Como Hotels Group, the firm was yet to build a single hotel but was on the cusp of getting $1 billion funding.
Wilko’s workers union GMB have urged administrators to explore all offers by potential bidders, especially M2 Capital’s which says that it would preserve all 12,500 jobs and stores.
On Tuesday the business said that redundancy plans would be paused while it considered offers.
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Administrators are likely to proceed with other bidders if M2 Capital cannot give them confidence about its financing by the deadline.
Wilko tumbled into administration over two weeks ago, putting the future of its 400 shops and the jobs of 12,500 workers at risk.
Administrators from PricewaterhouseCoopers (PwC) have been seeking offers from interested firms in an effort to save jobs and stores.
Founded by James Kemsey Wilkinson in 1930, the company’s first store opened on Charnwood Street under the Wilkinson Cash Stores brand.
In an emotional interview, Lisa Wilkinson, granddaughter of the chain's founder, said that everybody put their "soul and heart" into saving the chain.
Meanwhile, we have put together a full list of retailers offering jobs to devastated Wilko staff.
Plus, workers have made a desperate request to shoppers ahead of potential store closures.
To keep up to date with the latest on Wilko follow our live blog.
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