Hundreds of staff at Wilko will lose their jobs at the collapsed chain over the coming days with more redundancies to follow, administrators have said.

The cuts come after a deal to buy the business fell through when the bidder failed to file paperwork in time.

Private equity firm M2 Capital said it made a £90m bid for Wilko but was unable to provide proof of funding.

PwC, which is overseeing Wilko’s sale, said it was clear there was no viable offer to buy the whole business.

The discount chain, a stalwart of the High Street, fell into administration in August putting 12,500 jobs at risk across 400 shops.

Administrators at PwC said on Thursday that 269 jobs at the chain’s support centre in Worksop and 14 others from a subsidiary firm of Wilko would be cut at the close of business on Monday 4 September.

Further redundancies at its two distribution centres in Worksop and Newport are to begin early next week, but numbers have not been confirmed.

PwC said all of the chain’s stores are currently trading and remain open, adding “discussions continue with those interested in buying parts of the business”.

While hopes of saving the entire business have been shattered, it is understood PwC is still in talks with HMV owner Doug Putman about a deal for part of the company.

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