Prime Minister Rishi Sunak has weighed in on the financial struggles of Leicester-born retail giant Wilko - which has a branch in Coalville.

The Prime Minister was asked during a visit to Leicestershire today (Wednesday) - to visit the headquarters of Topps Tiles, in Enderby - about the impact the potential loss of the firm and the hole it would leave on the UK's high streets.

Wilko fell into administration last week after talks to avoid the process fell through.

The future of its 400 stores across the UK - including the one in the Belvoir Shopping Centre - is unclear, while more than 12,500 jobs are also at risk too unless the firm, which was founded in Leicester, is secured.

Today is the last day to for potential buyers to swoop in and save the firm.

Mr Sunak was asked if he was sad about the news of the retail giant's difficulties. He responded "of course", adding the store was "an institution" but the processes needed to be allowed to play out.

Wilko in the Belvoir Shopping Centre in Coalville. Photo: Coalville Nub News

The Prime Minister also spoke about the importance of having "vibrant high streets".

He said: "It's really important to me because I want people to feel proud of the place they call home and part of people feeling proud is having a high street or a town centre they are happy to take their family to, their kids to, that is a lovely place to shop, spend time, feel safe.

"That's my mission for what a successful country is – one where people feel proud of the place they call home."

Mr Sunak said the Government has a three-pronged approach for achieving that and securing the future of our high streets and town centres – cutting business rates, planning reform and investment.

He said: "We're cutting business rates, particularly for small retailers on high streets. And we continue to look at ways we can ease the burden of business rates for small shops. I think that will really help.

"The second way is planning reform so we can help high streets adapt and evolve to make it easier for different shops to change, whether that's to different services or offices or whatever. One of the things we're doing is looking at putting community diagnostic centres on high streets to bring more foot traffic."

"The third thing is investment," he added. "Up and down the country we are investing in high streets and town centres through something called the Town's Fund and the Levelling Up Fund.

"A great example of it is Loughborough which has received I think over 20 million from the Town's Fund. Loughborough is using that money to do a range of different things to just support its town centre.

"Closer to home, Leicester station is getting upgraded. Around the country we are investing in high streets and local communities. I think it's really important that we have vibrant, safe, wonderful high streets and town centres."