Wilko's Closed For Business
The Great British Retail Institution "Wilko's" Is Closed
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Wilko's Collapse
The collapse of Wilko's / Wilkinson's
With the very sad collapse of the British retail institution Wilko's, or Wilkinson, it was reported in the Guardian that the business owed its suppliers £625,000,000 (£625 Million) [#1]. This will undoubtedly have a severe impact upon these smaller suppliers and their own businesses.
Hopefully, the collapse of Wilko's won't create a deck of cards collapse with these suppliers. Sky News reported [#2] that 10,700 loyal hardworking low paid staff have been made redundant, as if this isn't bad enough the Wilko's senior board also appear to failed to pay due contributions into the Wilko staff pension fund by circa £50,000,000 (£50Million) [#1].
It wouldn't be unreasonable to think that Wilko's board of Directors and the Wilko Family have mismanaged the Wilko retail organisation into the ground! Undoubtedly, the Wilko Board of Directors [#3] will not lose their homes or face severe hardship from the collapse and the shareholders (including the Wilkinson family members) were reportedly paid more that £10 million in dividends [#5] just before the Board of Directors put the Wilko's retail business in Administration due to insolvency (unable to pay due debts)! You may wonder how this can be legal?
It's also reported in "This is money" [#4] that Wilko family and shareholders had taken out some £77million in the years prior to the collapse, which was diverted to a separate business "Wilkinson Family Office" (AHWL - Amalgamated Holdings Wilkinson Ltd) [www.ahwl.co.uk] [#7] the Wilkinson Family Office [#8] with properties such as the lavish Colmore Row in Birmingham [#9] and the Wilkinson Future business
Some may consider the moral compass to be adrift here, hopefully the responsible authorities will investigate and take any due action.[#6]
Touching Messages Left On Message Board At Closing Wilko Store
Ref | Publication | Link |
---|---|---|
#1 | The Guardian: Wilko owed £625M when collapsed | |
#2 | Sky News: 9,100 + 1,600 = 10,700 Wilko Staff Forced Redundancies | |
# 3 | Retail Gazette: Wilko Poaches Post office Director Retail Gazette: New Wilko CEO revamps senior leadership Directors | |
#4 | This is money: Wilko paid out £77Million to owners before collapse | |
#5 | Mirror: Exclusive :Wilko share holders were handed more than £10Million before the collapse | |
#6 | Retail Gazette: Wilko administrators to conduct review over £77million dividend pay outs [to family and shareholders] | |
#7 | Retail Gazette: Wilko owners took £77Million out of business in last decade. One family member sold their shares for £66Million. | |
#8 | About the Wilkinson Family: 14 Park Row, Nottingham, NG1 6GR United Kingdom | |
#9 | Wilkinson Family Lavish Property | |
#10 | The WilkinsonFuture (WF) investment business |