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Wilko founder’s granddaughter steps down as chairman after homewares retailer secures £40m lifeline
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The granddaughter of Wilko’s founder has stepped down as chairman after the company secured a £40 million lifeline.
The troubled home goods retailer said Lisa Wilkinson, still a major shareholder, will remain on the board as a “family director.”
But she will be replaced in the top position by turnaround specialist Chris Howell, who will work with new CEO Mark Jackson to return the chain to profitability.
Lisa Wilkinson, the granddaughter of Wilko’s founder, has stepped down as president of the troubled homewares store.
Wilko appointed Jackson, the former boss of Bensons for Beds, to revive his fortune.
The uproar came after Wilko secured a £40 million loan from Homebase owner Hilco.
Wilko is one of the UK’s largest retailers, with over 400 stores and 16,000 employees.
It was built by the Wilkinson family from a single hardware store in Leicester in 1930.
The company warned in November that it could run out of money without a funding injection by the end of this year.
It came after Wilko posted a £36.8m loss in the year to last January as it was hammered by skyrocketing costs and supply chain chaos.
Wilko blamed the disruption, as well as a drop in high street shoppers, for “underperforming.”
But it said yesterday the £40m loan from Hilco, which also owns Cath Kidston, will accelerate the turnaround.
It comes after Wilko raised £48 million through the sale and leaseback of its Worksop distribution center to DHL.
Wilkinson, 54, said: ‘We are making the necessary changes to restore confidence and secure the future of the company.
“That includes making sure we have the right leadership, one aligned team with the right expertise to deliver the experience our customers demand.”