THERE are fears Wilko could be the third big name to leave Colchester city centre in as many years as the crisis-stricken retailer went into administration. 

Wilko is continuing to trade and has not announced any redundancies after formally entering insolvency last week.

Bidders for Wilko have been given a Wednesday deadline to table offers to buy the historic firm.

With the future uncertain there are fears Wilko could be the next major retailer to depart the city centre. 

It comes after Marks and Spencer closed last September as part of its move to Stane Park, and Debenhams closing its Culver Street West branch after going bust in 2021.

While other names such as Argos and Next now only have out of town bases. 

Allison Jay, Colchester Council’s portfolio holder for economy, transformation, and performance said it would be a blow for Colchester city centre’s retail scene were Wilko to go under.

But she said there is a long-term shift taking place whereby city centres are becoming more centred around the service and leisure industries.

She said: “Certainly, we are not looking to see retailers leave the city centre – that’s the last thing we want.

“But some of these things are beyond the council’s control; retailers are having to make difficult decisions.

“In terms of Colchester, we have the lowest rate of empty units compared to other towns in the area – we are not suffering as much as other places are, but what we are seeing is the change in the services people want in the city centre.

“That’s why we will have places using the old Debenhams building and old Argos building – people are still eating and drinking and taking part in sports.

“The council has to be part of that change because we don’t want empty units.”

It is understood Wilko held unsuccessful talks with private equity firms Gordon Brothers, which owns Laura Ashley, and Alteri, which owns Bensons for Beds, in an attempt to stay afloat.