The Range Acquires The Wilko Brand – What Next?
In a momentous development, The Range has acquired the brand, digital domain, and intellectual property of Wilko, as officially confirmed by the administrators at PwC on Thursday.
This discount retailer is believed to have disbursed a sum of £5 million in exchange for the assets of the family-owned enterprise, as reported by Sky News.
This transaction heralds the revival of Wilko’s online operations following the conclusion of the store trading program under administration, slated for early October.
Moreover, this business deal entails the transition of 36 employees from Wilko’s digital cohort to The Range’s employ.
Statement From Administrator PwC
Jane Steer, serving as a joint administrator at PwC, articulated, ‘Since our assumption of responsibilities, the feedback received from customers and the broader spectrum of stakeholders during this challenging juncture has underscored the enduring affection and trust that the Wilko brand commands within the United Kingdom.’
She continued, ‘This divestment to The Range ensures the perpetuation of the Wilko legacy under their stewardship, and we extend our best wishes to The Range for a prosperous future.’
The Competition
The Range, conceived by the enterprising Chris Dawson hailing from Devon, found itself engaged in a competitive tussle with the online marketplace OnBuy for the acquisition of Wilko’s brand assets.
Dawson has masterminded the expansion of The Range, boasting a network of over 200 retail establishments and actively pursuing further growth avenues.
At present, the company is in the process of developing what it asserts to be the largest distribution centre erected in the United Kingdom over the past five years, a strategic move to fuel its ambitious growth trajectory.
This development unfolds in the backdrop of Wilko’s impending closure of 400 stores, as the proposed acquisition by HMV proprietor Doug Putman fell through.
B&M has consummated a transaction to procure 52 of these retail outlets, while Poundland recently secured 71 such establishments.
Poundland intends to metamorphose these stores under its own brand, with the assurance that priority will be given to Wilko’s incumbent staff during the hiring process.
Wilko Staff
Nonetheless, the ramifications of this collapse will be substantial, entailing the unfortunate loss of numerous employment opportunities.
An additional 9,100 individuals were apprised earlier in the week of the imminent cessation of their employment when these stores cease operations by early October.
A total of 124 stores are slated for closure prior to the upcoming Thursday, September 21, while the distribution centre of the insolvent retailer will cease its operations on Friday, September 15.
Furthermore, additional layoffs affecting the remaining 210 employees at the support centre are anticipated later this month and into early October as the operational wind-down ensues.
Conclusion
In a heartening culmination, it is clear that the cherished Wilko brand will endure under the capable stewardship of The Range. This promising development ensures the continuation of a beloved and trusted name within the United Kingdom, offering reassurance to Wilko’s loyal patrons and stakeholders alike.
