Companies bidding to buy Wilko have been given until Wednesday to make an offer for the homeware chain which went into administration last week.

The BBC website says it is understood that Wilko's administrator PwC has set a deadline to flush out serious bids for the firm.

Coalville has a branch of Wilko in the Belvoir Shopping Centre.

The company has been trading since 1930, and has more than 400 shops and employs 12,500 workers.

Previously, the BBC has reported that private equity firms Alteri and Gordon Brothers may be interested in investing in Wilko.

Now, The Sun reports that rival discount retailers B&M, The Range, Poundland and Home Bargains have all expressed an interest in making an offer for Wilko.

It is not clear how many shops could be rescued or even if the Wilko name will be saved.

Gordon Brothers bought the Laura Ashley brand in 2020 when the company, famed for its floral designs, went into administration, which was handled by PwC.

Image: Dreamstime.com

Alteri Investors took ownership of Bensons for Beds in 2020 through a deal also overseen by PwC.

Wilko was put into administration after failing to secure £75million in funding.

The firm's chief executive, Mark Jackson, said last week it had been working for the past six months on a turnaround plan 'to restore confidence and stabilise our business'.

He said: "We left no stone unturned when it came to preserving this incredible business."

However, he conceded 'with regret' that there was 'no choice' but to put the company into administration.

For the moment, Wilko's shops remain open and its staff continue to be paid in full.

But it is reported that stores have already begun advertising an "administration sale" and cutting prices.

As well as other retailers, turnaround specialists may come forward with offers by the Wednesday deadline.

If an offer does not materialise, Wilko will be placed into liquidation and the business will be wound down.