A potential rescue bid for Wilko has been blocked after its suitor struggled to pass due diligence tests.
Robert Mantse, chair of private equity firm M2 Capital, had made a £90m bid for Wilko’s 400 stores on behalf of an unnamed billionaire in the US.
Mantse expressed concerns that administrators at PwC were unfairly blocking his deal when they asked for evidence of his funding position.
PwC said it became concerned that Mantse was not able to answer “very normal questions” about the funding.
Clive Black, a retail analyst at Shore Capital, said M2’s bid for Wilko was “really intriguing”. He said: “Is M2 fit and proper? If not, PwC is doing its job. If M2 is fit and proper and hasn’t been given access, you have to ask why.”
