TONY Davey, chair of Stroud Chamber of Commerce, has given his thoughts on this morning's news that Wilko has gone into administration.

The retailer has a branch at the Five Valleys Shopping Centre in Stroud.

He said: "Firstly, our thoughts are with the staff and families of those who work for Wilko as this will be a time of great uncertainty for them.

"The path to this point has been long and damaging for the firm.

READ MORE: Wilko in administration

"In Stroud, I believe the lack of stock availability, reduced ranges and lack of investment has already damaged the branch for well in excess of a year, largely stripping it of the ‘anchor store’ status it obtained upon the closure of Poundland, it seems this baton has passed to Home Bargains.

"Industry experts suggest £70m would be needed to recover the business, so it is far more likely that any buyer would significantly reduce the size of the Wilko estate - closing more stores where profitability levels make them unattractive.

"Only time will tell if a buyer will be found and what the future of the Stroud store will be.

"Wilko premises look set to be one of a now long line of gravestones of the national retailers across the country, where they have been unable to adjust their business model to succeed in the evolving town centre scene.

"Be under no illusion, though, that our town centres are not dying but are evolving.

"The rate and direction of travel of that evolution is in the hands of our local communities and how they continue to use the many and valuable businesses that remain there."