Retailer Appoints Chris Howell as Chair and Non-Executive Director
- Wilko secures £40m in funding from Homebase owner Hilco UK
- Chris Howell appointed as chair and non-executive director
- Lisa Wilkinson to step down as chair but remain on the board as family director
- Teneo appointed last year to assess options amid cost-of-living crisis
Wilko, the UK retailer, has secured £40 million in funding from its owner Hilco UK, which also owns Homebase and Cath Kidston. The asset-based credit facility was filed with Companies House but not yet fully disclosed. It is believed that the lender has been given security over Wilko’s intellectual property, including its logo, marketing slogans, and own-label product names. In addition to this, Chris Howell has been appointed as chair and non-executive director, with Lisa Wilkinson stepping down as chair but remaining on the board as a family director. This news comes after Wilko hired Teneo last year to help cut costs amid the cost-of-living crisis, which affected the business due to rising inflation, shipment delays, and store closures during the Queen’s funeral. Teneo was appointed to assess options for the business, with Wilko stating it is making necessary changes to restore confidence and safeguard its future.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Wilko’s funding from Hilco UK, appointment of Chris Howell as chair, and the involvement of Teneo in assessing options for the business. It also mentions the impact of rising inflation, shipment delays, and store closures on Wilko’s operations. However, it lacks some details about the specific terms of the funding and the extent of the cost-cutting measures.
Noise Level: 3
Noise Justification: The article provides relevant information about Wilko’s financial situation and recent developments in its management structure, but lacks in-depth analysis or actionable insights. It does not explore long-term trends or possibilities, hold powerful people accountable, or offer solutions for the issues mentioned.
Financial Relevance: Yes
Financial Markets Impacted: Wilko, Hilco UK, Homebase, Cath Kidston
Financial Rating Justification: The article discusses Wilko securing £40m in funding from Hilco UK and the appointment of Chris Howell as chair. This pertains to financial topics as it involves a retailer seeking financial support and making changes to address business challenges. It also impacts the companies involved, such as Wilko, Hilco UK, Homebase, and Cath Kidston.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Nil
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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