Wilko hires property agents ahead of rent cut talks
Wilko has appointed property agent CBRE in a move which could see the retailer ask landlords for a reduction in store rents.
According to Sky News, Wilko made the move ahead of negotiations with shop owners which are due to commence in the coming weeks.
A source told the news outlet that Wilko is unlikely to close a significant number of its stores as part of a company voluntary arrangement (CVA), which is moving closer. The retailer will instead look to achieve a series of rent reductions across its estate.
Mark Jackson, Wilko’s chief executive, told Sky: “We announced the start of our turnaround programme to drive Wilko forward in January, complete with new streamlined senior team and a strategic plan to first stabilise the business and then implement its growth strategy.
Never Miss a Retail Update!“We’re in the early stage of the turnaround and, as is usual, the directors continue to all the options for Wilko’s long-term future. We’re confident with the right actions, we’ll continue to stay be a key feature on the British high street and expand our omnichannel offer.”
The retailer has not commented on the appointment of CBRE.
Earlier this year, Wilko secured a £40 million lifeline from restructuring specialist Hilco. The retailer currently has around 400 shops around the UK.
