High Street retailer Wilko which has stores in Pembroke Dock and Haverfordwest has collapsed into administration putting 12,000 jobs at risk across its 400 shops in the UK.

In a statement, CEO Mark Jackson said: "We've all fought hard to keep this incredible business intact but must concede that time has run out and now, we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators."

PwC will handle the administration for the chain, which has around 400 stores.

Mr Jackson continued: “There has been significant level of interest from other firms in Wilko - including indicative offers that we believe would meet all our financial criteria to recapitalise the business.

But he added: “Without the surety of being able to complete the deal within the necessary time frame and given the cash position, we've been left with no choice but to take this unfortunate action."

Wilko which employs about 12,000 people and secured a £40million lifeline from Homebase owner Hilco earlier this year.

The company which was founded in 1930 by James Kemsey Wilkinson, was among UK retailers who slashed almost 15,000 jobs in January and February this year.