Redundancies are expected at Wilko after a last-ditch attempt to save the company has fallen through.

A private equity firm, M2 Capital, had made a £90m bid for the stricken business but was unable to provide proof of funding for the sale.

The administrator which is overseeing the sale of Wilko, PwC, has said it was it was apparent there was no realistic offer to buy the whole business.

Redundancies have already been announced at some of Wilko’s distribution centres and more job losses are expected at the sites.

The administrators have said that all of Wilko's shops are currently trading and remain open, adding "discussions continue with those interested in buying parts of the business”.

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GMB national secretary, Andy Prendergast, said: “GMB union will continue to support members through this process and will fight to ensure members are consulted as per the law and that you receive every penny you are entitled to.

“GMB will not forget the incompetence that has led to this collapse, and will we not forget the dividends paid to the millionaires who gambled your jobs on their whims.”

Further announcements about the future of Cumbria’s Wilko stores are expected in the coming months.