'No plans to close stores' says homeware chain Wilko amid cash pressures

But, it said, there were no immediate plans to close any of its 400 stores in Sussex and across the UK. A spokesperson said: “The business continues to trade as usual.”

Wilko chief executive Mark Jackson said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.

“Unfortunately, with this in mind, today we’re having to take the difficult decision to file an NOI (notice of intention to appoint administrators).

“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.

"We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.

Have you read? These are the flights cancelled at Gatwick today

Worthing fire started by dog sparks safety warning from firefighters

Four-day South Downs music festival cancelled suddenly

"We’re a £1.2bn turnover business with strong presence on UK high streets through our 400 stores, online at wilko.com and through our great value Wilko own brand products, serving local communities with their everyday household and garden needs for over 90 years.

“That said, while we’ll continue to progress these indicative offers, without the surety of a recapitalisation being able to be completed within the necessary time frame and given the cash position, we’ve been left with no choice but to take this action.”