Bosses in last-minute talks to save Wilko and jobs of 12,5000 employees at the embattled high street giant after £90million bid from private equity firm ‘collapses’

Last-minute talks are underway to save Wilko and the jobs of 12,500 employees after a bid to save the struggling retailer reportedly fell through. 

Bosses from the GMB union are meeting with administrators from PwC this morning to discuss any prospective bids for the company, MailOnline understands. 

It follows reports a £90million offer from private equity firm M2 Capital has not been able to proceed. This would have seen all jobs retained for two years. 

The Anglo-Canadian firm had claimed it was raising money from US property tycoon Michael Flacks to rescue the retailer. But Mr Flacks told The Sun he was not interested in buying Wilko. 

A source told the newspaper that M2 Capital’s bid had been too speculative to be taken seriously. 

Bosses from the GMB union are meeting with administrators from PwC this morning to discuss any prospective bids for Wilko, MailOnline understands  

Another bid from Canadian tycoon Doug Putman, who owns HMV and Toys R Us in Canada, is regarded as a more solid option.

He is bidding to save around half of Wilko’s 400 stores and 3,000 to 4,000 of its 12,000 workers.

M2 Capital had been given a deadline of 5pm last night to submit more information about its bid – on aspects such as funding, business strategy and legal representation.

But unions warned if this bid was rejected it would mean a slew of redundancies will begin from today, with distribution and head office staff first to be impacted.

In an update to staff, union GMB said it had been told by PwC administrators that M2 Capital’s bid, which wants to retain the brand plus all stores and jobs, ‘has yet to pass basic checks’.

The comments from GMB brought the credibility of M2 Capital’s bid into further question.

Mr Flacks, 55, lives on an exclusive island in Miami, brushing shoulders with the likes of talk show host Oprah Winfrey and singer Shakira. 

He and his wife Debbie paid £19.2m in cash for a property on Fisher Island earlier this summer.

Wilko started clearing the shelves of its high street stores after collapsing into administration on August 11

Anglo-Canadian private equity fund M2 Capital made a bid to save the entirety of Wilko’s business, but this has reportedly fallen through 

He said in 2012 he had never found making money to be a challenge but added: ‘What I have found difficult is holding on to it.’

GMB said yesterday: ‘Whilst this does mean that there are bids on the table for a significant proportion of the stores and the online business, we still cannot guarantee the future of any jobs moving forwards at this point.’

On Tuesday there was a glimmer of hope for staff after it emerged redundancies had been halted as administrators pored over rescue offers.

But now job losses could begin today for around 1,300 distribution centre and 270 support centre staff.

Wilko’s administrators have come under fire from unions and the stricken homeware retailer’s suitors after the rescue efforts dragged on into a third week. 

GMB met with civil servants from the business department after raising ‘extremely concerning’ reports that some bidders have had ‘difficulties engaging’ with PwC.

A spat between PwC and M2 Capital also culminated in M2 chairman Robert Manste writing to Bob Moritz, global chairman of PwC, to complain administrators had been unfair.

‘As ex-PwC Moscow and Toronto, I know that the definition of fair and transparent is somewhat flexible at your Firm,’ Manste wrote to Moritz.

In leaked emails between M2 Capital and PwC administrators, Mantse complained about being asked to submit a final offer and proof of funds on bank holiday Monday. In one email over that weekend, Mantse called one administrator a ‘silly bunny’.

But administrators have insisted they must work around the clock to save the 93-year-old budget chain.

Responding to the letter, PwC said: ‘We wholeheartedly reject the assertions and characterisations in this open letter.’

MailOnline has contacted the company about The Sun’s report.  

Rival retailers Poundland, B&M, The Range, and Home Bargains were reportedly interested in buying out parts of Wilko’s business