THERE is renewed hope for the high street after a fresh rescue bid has emerged for the stricken retailer, Wilkos.

Last week, we reported that Wilkos stores throughout Cumbria could be closing 'within weeks' after a deal collapsed after the potential purchase of the discount retailer fell through.

Following a meeting with administrators on Wednesday, the GMB Union said there was “no longer any prospect” that the majority of the business will be saved - putting more than 400 stores and over 12,500 jobs at risk.

The bid for the retailer is from M2 and is one of several offers being considered by administrators.

PricewaterhouseCoopers (PwC), who have taken over the administration process for Wilko, with a spokesperson saying that talks were "continuing with a number of parties".

"As administrators we're intent on achieving the best outcome for everyone involved while preserving as many jobs as possible and adhering to our statutory duty to act in the best interests of the creditors as a whole.

"It would be inappropriate to comment on individual bidders or interested parties at this stage in the process."

Carlisle's MP John Stevenson hopes that the Carlisle branch, which employees 35 people, will be able to continue to serve the city.

"We hope that the Wilko outlet will remain in Carlisle. It's a very good location and provides products popular in the area but we'll have to wait and see what happens.

"Overall the Carlisle economy is buoyant and I would like to think they would consider Carlisle a location to retain an outlet.”

The Carlisle Wilkos is located in the market hall in the city centre and concerns have been raised over the future of the market hall if Wilkos goes.

There are Wilko's stores in Cockermouth, Workington and Whitehaven.

According to a 2021 marketing brochure from retail specialists Green & Partners, for a property which incorporates the market hall alongside the Eden centre and its retail units, Wilko accounts for a significant proportion of the rent paid to the leaseholder.