Wilko creditors could recover only 4% of debts
Some creditors of collapsed high street retailer Wilko could recover as little as 4p to the pound of the money they are owed.
The retailer’s administrators PwC informed unsecured creditors on Thursday evening that they were only likely to see recoveries of between 4% and 8%, Sky News has reported.
According to documents from PwC, the Pension Protection Fund is expected to be paid in full the £20m it is owed as an secured creditor, however it is also owed millions of pounds as an unsecured creditor.
Barclays and Homebase owner Hilco are also expected to be paid in full the £2.4m and £39.9m they are respectively owed.
The Wilkinson family, which had run the business since the 1930s, has faced calls to hand back money it had received from the company in recent years through dividend payments.
According PwC proposals seen by Sky News, the most recent payout to shareholders, amounting to £750,000, was made in February 2022.
Between January 2019 and February 2022, the Wilkinson family had received £9m in dividend payouts.
The retailer fell into administration in August after a difficult post-Pandemic period.
The Range agreed to take control of Wilko’s brand and intellectual property, but all stores are set to close by October.