Homeware retailer Wilko has warned that it is on the brink of collapse, putting some 12,000 jobs at risk.

The privately-owned company, which was founded in 1930, said it had filed a "notice of intention" to appoint administrators after failing to find enough emergency investment.

Wilko, which is well known for its affordable everyday items, has 400 stores across the UK, including those in Gloucester, Cheltenham and Stroud.

Chief executive Mark Jackson said it would continue to talk with interested parties about options for the business, the BBC reported.

He said the company was left with "no choice but to take this action", but hopes to find a solution as quickly as possible to "preserve the business".

Wilko did not confirm in the announcement on Thursday whether or not any jobs would be affected.

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."

Wilko said it had received "significant interest" from investors and some offers, but none of them would have provided enough cash within the time needed.

Wilko's boss said yesterday that the company, which has an annual turnover of about £1.2bn, had a "robust turnaround plan" in place, said the BBC.

Rising interest rates, higher energy costs and reduced consumer spending have all affected retailers.

Stores including clothing group Joules and furniture retailer Made.com collapsed into administration last year.