Discount retailer B&M has signed an agreement to purchase 51 Wilko stores, but the specific locations involved in this deal are currently shrouded in confidentiality.
Wilko fell into administration last month, with insolvency experts from PwC spending recent weeks looking to secure a rescue deal for the retailer’s 400 stores and 12,500 jobs.
The B&M deal worth a reported £13million, comes after a bid from HMV buyers M2 Capital, to purchase the entirety of the collapsed high street retailer, fell through on Thursday last week.
A statement released this morning by Price Waterhouse Cooper (PWC), appointed as the joint administrators, revealed, “The joint administrators of the companies have, on September 5th, 2023, entered into an agreement to grant B&M the option to acquire up to 51 properties, once the administration trading period concludes at those sites.”
The statement further added, “We continue to explore all interest in the remaining aspects of the business and actively engage with potential buyers. Further updates will be provided as soon as possible.”
In an update to investors, a B&M spokesperson said: “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 November 9.”
It is expected that the newly acquired stores will rebrand as B&M.
PwC reportedly remains in further talks regarding Wilko’s remaining stores, brand and other assets, including with the buyers of HMV.
