Last-ditch efforts to save Wilko from administration have fallen through, with redundancies expected to be announced next week.

A bid to buy the struggling retail chain – which has 13 stores across Kent – fell through this morning, putting about 12,500 jobs on the line across the UK.

It was reported on Monday that private equity firm M2 Capital had made a £90m bid for the business, pledging to “retain all employees' jobs for two years”.

The latest offer, which was first reported by the Guardian, was said to be one of several schemes being considered by administrators PricewaterhouseCoopers (PwC) after it set a bid deadline of last Friday.

It had also been previously reported the owner of HMV, Canadian businessman Doug Putman, was also interested in salvaging some of the Wilko business. It is understood his bid would seek to keep the majority of Wilko stores open.

However, the GMB Union confirmed this morning that the only bid to buy the entirety of the store had fallen through, with staff redundancies to begin next week.

Bosses at the company announced the move to enter administration earlier this month, after spending weeks searching for a deal which could have saved them.

The firm, which opened in 1930, secured £40 million from Hilco UK, the owner of Homebase, at the beginning of this year – but this was not enough to save it as it has now filed a notice of intention to appoint administrators.