Bargain retailers B & M have signed a deal to buy up to 51 Wilko stores from administrators, following the collapse of the Leicester born chain.
Wilko fell into administration last month, with insolvency experts from PwC spending recent weeks trying to rescue the historic retailer, which opened its first store in Leicester back in 1930.
Today (Tuesday, September 5), B&M European Value Retail said it has agreed to acquire up to 51 Wilko sites from the administrators in a deal worth up to £13 million – cherry-picking some of the chain’s most profitable stores.
In a statement, B&M added: “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.”
The shops are set to be rebranded under B&M’s name, it has been revealed.
B&M is the first firm to rescue any of the Wilko empire from collapse, with the remainder of the business still up for grabs.
Wilko has 400 stores in total, employing 12,000 people.
