Wilko goes into Administration

Yop, admittedly didn't used to go there that often but only because there isn't one nearby, but if I was about and about I'd often have a wonder around and often buy stuff.

I have a small(ish) meat cleaver knife I bought in Wilko's years ago and I think it only cost £10, and it's one of the best kitchen tools I have, it's a right beater but sharpens up nicely, I use it all the time.
 
SupraWez said:
Same story different company, how are divs allowed to be paid out of a business while its losing money or has debts, shouldn't be possible, same for bonuses etc.
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It is ridiculous isn't it.

I think it's usually because you can take the dividends before the end of your financial year, and so if you are only doing yearly accounts it won't actually show the losses until the money is gone.

I remember one year I accidentally took too much out in our financial year and I had to pay back a small sum immediately, otherwise it would go as a directors load with 32% interest or something!
 
Many more businesses will go bump in the next 12 months I reckon

The company I work for used to sub out to 2 big construction firms that have recently gone bump owing over 100 million to subbies and suppliers

It's only going get worse
 
I found their dog wipes invaluable in winter time to be honest. The only really big ones that I know of (Pets at home ones were expensive and rubbish)

We used to buy 10x packs at a time.
 
SupraWez said:
Same story different company, how are divs allowed to be paid out of a business while its losing money or has debts, shouldn't be possible, same for bonuses etc.
Click to expand...

Not sure how they are doing it, dividends are taken out of the profits.
 
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A lot of Wilko workers are older people in their 60’s who work on a part time basis for a bit of extra cash. If they lose their jobs, a huge percentage will call it a day and retire
 
There was a big VAT scam years ago, three companies working together if I recall, selling large amounts of stock / IT equipment to each other, claiming the VAT back, they all ended up behind bars, cant remember how much they made though.
 
Is a shame, have bought many useful kitchen / DIY/ general household bits from them. They always used to have a really good range of useful stuff, and although it was cheap it normally did the job.

Particularly when I was a student Wilko was a godsend.
 
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