A Poundstretcher store is opening in the place of the former Wilko store in an Orpington shopping centre.

The new shop will open in The Walnuts shopping centre on Saturday, December 9 from 10am.

This former Wilko closed on September 12 along with 23 other stores across the country.

The former chief executive has recently said that “the start of Wilko’s problems” might have come with “an enormous mistake” that it made in 2018.

“There was a big loss in 2018/19, which was referred to – and I have to say it’s conjecture – as the start of Wilko’s problems,” said Mark Jackson.

He added: “It bought all of its Far East products in US dollars. It took out forward-rate contracts to fix the price it was buying at, and it made an enormous mistake.

“And there was, I believe, a loss in the region of £40 million.”

Mr Jackson, who joined the company in December 2022, also revealed that Wilko came close to finding a rescue deal, but ultimately failed.

He said: “I knew what I was coming into. I came in knowing that the business was in distress and that there was a window of opportunity to turn it around.

“I still think it was a decent opportunity. A number of things went against us. I still think this business should exist and I think somebody should have invested in it.”

A Poundstretcher spokesperson said: “We are pleased to confirm that we are opening a new store at The Walnuts shopping centre in Orpington.

“The site is a former Wilkos store and we look forward to holding an official opening on Saturday 9th of December from 10am."