Wilko secures £40m funding from Hilco as it faces cash squeeze

Discount retailer also rejigs leadership team, replacing relative of founder as chair

The discount retailer Wilko has borrowed £40m from restructuring specialist Hilco and rejigged its leadership team as it faces a cash squeeze after falling to a loss and struggling to pay suppliers.

Lisa Wilkinson, a member of the family which controls the 400-plus store chain, is stepping down as chair to be replaced by the former Bensons for Beds chair Chris Howell. Another former Bensons executive, Mark Jackson, stepped in as chief executive before Christmas, the group’s third in three years. The managing director, Alison Hands, will also leave the company this month about 18 months after taking the job.