TWO bidders may be in the running to offer hope to rescue retailer Wilko.

The company, which has a large store in Newton Abbot, called in administrators earlier this month putting all 400 stores at risk of closure and 12,500 jobs in jeopardy. 

But two last minute bids have been put forward to save the company. 

Late on Friday M2 Capital put forward a bid which would involved keeping the whole Walk chain trading. 

It comes after the billionaire owner of HMV was understood to have made a bid to rescue half of Wilko’s stores and thousands of staff.

Doug Putman, who rescued HMV out of administration in February 2019, is reaching out to investors and debt providers in a bid to rescue 200 shops and 4,000 jobs.

The businessman is hoping to continue running the company under the well-known Wilko name.

It is understood a conclusion over Wilko’s future will be reached this week, while Pricewaterhouse Coopers is still considering other offers.

Shops are expected to close within weeks, with thousands of job losses unless a buyout can be secured.

M2 Capital, a restructuring specialist which owns a string of upmarket hotels around the world, is understood to have put forward a bid that would keep the entire Wilko chain trading.