The Wilko discount store chain has agreed £40 million of credit to help it through a difficult trading period.
The Notts-based retailer said the money would help prevent redundancies or changes for customers, and comes as it restructures its management team.
The business, which is based in Manton Wood Enterprise Park in Worksop, has agreed the £40 million, two-year revolving credit facility with investment company Hilco.
Wilko also sold its Worksop site in November to DHL for £48 million, and said it was now leasing the site back on 15-year partnership agreement.
It is hoped that the Hilco funding will give the business “financial stability throughout a tough trading period” following the pressures created by cost of living increases and rising energy costs on the back of two years of Covid restrictions.
The company is the fourth biggest firm in Nottinghamshire, and the UK’s 23rd biggest retailer with 16,000 staff and a 20,000 product line from household goods to pet food, across more than 400 stores.
The 92-year-old brand has announced changes to its leadership team which include bringing in Mark Jackson as its new chief executive in December, following a move from Benson's for Beds.
Chris Howell will also join the brand as chair and non-executive director to ensure a smooth transformational change.
Major shareholder Lisa Wilkinson will step aside as chair but will remain on the board as family director.
She is the daughter of Tony Wilkinson and had been responsible for operations at Wilko retail both online and in-store. She started with the company in 2004.
She said: “Our history is steeped in serving customers and communities going back to 1930. Right now we’re making necessary changes to restore confidence and safeguard the future of the business.
“That includes making sure we have the right leadership in place - one aligned team with the right expertise to deliver the retail experience our customers are demanding of us today.”
