New ‘rescue deal’ could save Woolies from administration

The company looking to snap up Woolworths for £1 seems to have revised its deal following emergency talks over the weekend.

According to The Daily Mail, Hilco still wishes to buy Woolies' 840 High Street stores for a nominal £1.

However, the company is thought to have tabled a last-ditch offer to take on up to £300million of debts – leaving lenders saddled with £85 million.

According to The Times, that represents an extra £35 million of debt on Hilco's initial offer.Sources said talks between the parties were 'ongoing'.

Unless a deal can be reached, said the Mail, the group could fall into administration, putting 30,000 jobs at risk.

However, investors in the company have protested against Hilco's £1 offer.