Wilko administrators urged to accept rescue deal after second bid

Last-minute white knight bid worth 90m from M2 Capital follows earlier offer from owner of HMV

Wilko's administrators are facing pressure to accept a rescue deal for the ailing budget retailer after a second last-minute white knight bid worth 90m emerged from an Anglo-Canadian private equity firm.

The gardening to beauty retailer, which has 400 stores and employs almost 12,500 people, called in administrators from PricewaterhouseCoopers earlier this month after running short of cash. Shops are expected to close within weeks, with thousands of job losses unless a buyout can be secured.