The group, operating out of about 400 stores and online selling cleaning and garden products in addition to other small household items, announced its intention to appoint administrators.

This sees a distressed company call upon outside expertise to try and salvage parts of the business.

Announcing the decision to call in administrators, Wilko chief executive Mark Jackson said in a statement:

“We don’t today have… (a rescue) offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.”