Family Criticized for Ignoring Retailer’s Struggling Workers

  • Wilko founding family under pressure to fill pension gap
  • £70m pension deficit after retailer’s collapse
  • 1,000 workers face reduced annual incomes for life
  • AHWL denies obligation to fill the pensions hole
  • Founding Wilkinson family withdrew £77m in dividends over past decade
  • Pension fund under review by Pension Protection Fund

The founding family of Wilko is facing criticism after claiming they have no plans to help fill the retailer’s £70 million pension deficit, which resulted from the closure of 400 stores and over 12,000 job losses. Amalgamated Holdings Wilkinson Limited (AHWL), the ultimate parent company, stated that they do not believe they have any obligation to fill the pensions hole and have never provided guarantees to it. This has drawn sharp criticism from Lord Mann, who called the family’s legacy ‘the new unacceptable face of capitalism’. The GMB union also condemned the owners for ignoring their responsibilities to loyal workers. Despite Wilko’s £625 million in debts, the founding Wilkinson family withdrew £77 million in dividends over the past decade. The retailer’s pension fund is currently under review by the Pension Protection Fund.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the situation with Wilko’s pension deficit and the criticism towards the founding family, while also providing relevant comparisons to similar situations in the past. However, there is a slight digression at the end mentioning Asda’s IT transformation project which may not be directly related to the main topic.
Noise Level: 3
Noise Justification: The article provides relevant information about the Wilko’s pension deficit situation and criticisms towards the founding family for not taking responsibility. However, it contains some irrelevant information at the end about Asda embarking on an IT transformation project which is unrelated to the main topic.
Financial Relevance: Yes
Financial Markets Impacted: Wilko’s pension fund deficit and potential impact on the Pension Protection Fund
Financial Rating Justification: The article discusses a retailer’s collapsed pension fund, its impact on workers, and calls for the founding family to address the issue. It also mentions the Pension Protection Fund potentially stepping in to cover the deficit, which has financial implications.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailgazette.co.uk