Discount store B&M has confirmed the purchase of a selection of Wilko branches as the high street giant undergoes restructuring.
B&M European Value Retail will acquire as many as 51 Wilko locations from the administrators at a cost of £13m, according to the announcement from the discount chain.
B&M informed its shareholders, “The purchase is entirely financed from current cash holdings, and no regulatory approvals are anticipated to impact the acquisition.”
The company will share details about the launch dates of the new outlets in conjunction with its semi-annual financial statements on November 9.
Meanwhile, PwC administrators are still in discussions with a group spearheaded by HMV proprietor, Doug Butler, about acquiring a significant portion of the defunct chain’s branches.
