GREENOCK'S Wilko store has been saved  and is set to re-open as a Poundland after being sold off to the bargain retail brand's owners.

Administrators for Wilko today agreed to sell off 71 of the collapsed retailer’s shops to Poundland parent firm Pepco - including Greenock.

It is now expected that the store will open at a later date as a Poundland, with former staff set to be given priority for the new jobs created.

The news comes after the failure of a high-profile rescue bid, which left GMB Union bosses concerned that every Wilko store across the country could close