Breaking news: Deloitte appointed administrator to Woolworths

Woolworths’ board is due to confirm it will enter administration at a meeting at 6pm this evening with Deloitte expected to be appointed administrators, the BBC has reported.

The Big Four firm will be appointed as administrator to the store chain and also to Entertainment UK, which supplies books and DVDs to supermarket groups.

The news followed confimation earlier this evening that DIY retailer had also entered administration, which will be handled by mid-tier firm MCR.

Woolworths' shares were suspended this morning and despite the intervention of business secretary Peter Mandelson, BBC business editor Robert Peston has said that today’s efforts to deal with its £385m of debt were unsuccessful.

‘Woolworths joint venture with the BBC, 2 Entertain, will not go into administration. It is owned by Woolworths' parent company, which will not go into administration,’ the BBC reports.

The collapse is likely to lead to the closure of hundreds of stores across the UK and will put tens of thousands of jobs under threat.