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.”
B&M snaps up 50 Wilko stores. B&M European Value Retail has agreed to buy up to 51 Wilko stores from administrators for £13m, the discount retailer has announced.
B&M said in an update to investors: “The consideration is fully funded from existing cash reserves and the… https://t.co/jilyxLTNjl pic.twitter.com/fbEccZUfA5
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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.
