AROUND 12,000 jobs are at risk after high street retailer Wilko announced today that it plans to appoint administrators.

The boss of the chain said it is expected to enter insolvency after failing to secure a takeover to help the business with “mounting cash pressures.”

Wilko, which has about 400 shops, filed a notice of intention to appoint administrators at the High Court.

Earlier this year the company hired advisers in a bid to find a buyer and secure fresh funding to keep trading.

Last year, the retailer agreed on a deal to borrow £40 million from restructuring specialist Hilco after posting significant losses.

The company said it now had “no choice” but to file for potential insolvency, adding that it will continue a possible rescue takeover.

Official figures show that insolvencies in England and Wales surged to their highest level for 14 years in the second quarter of 2023.

GMB union national secretary Andy Prendergast said: “This is extremely concerning but we remain hopeful that a buyer can be found.

“Wilko’s staff deserve reassurance that their jobs are safe.

“We hope this is the number one priority going forward.”