Retailer B&M has agreed a deal to buy 51 Wilko stores for £13million.
In a notice to investors today (September 5) from the bargain retailer it says: “B&M European Value Retail S.A. confirmed that it has entered into an agreement today with the joint administrators of Wilko Limited (in administration) to acquire up to 51 properties for the maximum aggregate consideration of £13,000,000.
“The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances.
“An update on the timing of these new store openings will be provided in the H1 interim results announcement on 9 November 2023.”
Budget chain Wilko officially went into administration on August 10. The firm has stores in Ramsgate and Westwood Cross. Some 400 stores and 12,000 jobs were put at risk.
Some redundancies were announced last week as a last minute bid to save the Wilko group estate fell through.
Administrators PwC said no viable offer put forward includes the Group in its entirety and it had been necessary to assess the roles required in Wilko’s Support Centre in Worksop and distribution centres in Worksop and Newport.
The decision was taken to make 269 Support Centre team member roles redundant, effective from close of business on Monday 4th September.
B&M has 1,150 stores in the UK and France operating under the “B&M” and “Heron” brands.
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