Hundreds of jobs are at risk across Cambridgeshire as the budget retailer Wilko announced today that it has filed for administration.

The privately-owned firm has four stores across the region, including in Peterborough, Huntingdon, Cambridge and Ely, and over 400 in total with nearly 12,000 employees.

However, the company is indanger as it has filed to appoint admisnsitrators in a bid to save the business.

Wilko chief executive officer Mark Jackson confirmed the announcement and said: “While we can confirm we’ve had a significant level of interest, including indicative offers that we believe would meet all our financial criteria to recapitalise the business, at present, we don’t today have an offer that provides the necessary liquidity in the time we have available, given the mounting cash pressures we’re faced with.

“Unfortunately, today we’re having to take the difficult decision to file a notice of intention.

“We’ll continue to progress discussions with interested parties with the aim of completing a transaction which preserves the business and will encourage those interested parties we’re in discussions with to move as fast as possible.

“We continue to believe that our robust turnaround plan, with significant re-stabilisation cost savings in progress, will deliver a profitable Wilko and maximise the significant opportunities that we know exist.”

At this stage it’s not clear which or how many stores could shut down.