Homeware and hardware chain Wilko is expected to enter insolvency, putting jobs at six shops in north London at risk.

Wilko currently has stores at Capitol Way in Colindale; St George's Shopping Centre, Harrow; High Road, Wembley; Tottenham Hale retail park; Wood Green Shopping City; and Edmonton Green shopping centre.

But the boss of the high street retailer said it plans to appoint administrators after failing to secure a takeover to help the business with “mounting cash pressures”.

Wilko, which has more than 400 shops nationwide including the six in north London, filed a notice of intention to appoint administrators at the High Court today (August 3).

The move places some 12,000 jobs at risk, but the company said it had “no choice” as it filed for the potential insolvency.

Earlier this year the retailer hired advisers from PwC in a bid to find a buyer to secure fresh funding to keep the firm trading.

Last year, Wilko agreed a deal to borrow £40 million from restructuring specialist Hilco after posting significant losses.

Wilko chief executive Mark Jackson 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, with this in mind, 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.”

Andy Prendergast, national secretary at the GMB union, said: “This is extremely concerning but we remain hopeful that a buyer can be found.

“Wilko’s staff deserve reassurance that their jobs are safe. We hope this is the number one priority going forward.”

Some reporting by PA.