The billionaire owner of HMV, Doug Putman, hoped to keep up to 300 Wilko shops open, but his bid failed as rising costs complicated the deal.

A rescue bid put forward by Canadian entrepreneur Doug Putman was hampered by the costs and difficulties thrown up by the need to overhaul Wilko’s supply chains.

Mr Putman said he had worked with administrators and suppliers over several weeks to seek a viable way to rescue the business and the failed bid was “a great disappointment”.

Nadine Houghton, national officer at the GMB union, said: "Wilko was far more than a brand, a retailer or the products it sold, it was the thousands of loyal team members now facing an uncertain future.

Wilko had already borrowed millions from restructuring specialist Hilco, cut jobs and rejigged its leadership team and sold off a distribution centre as it struggled with rising costs and keeping shops fully stocked.

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