B&M has agreed to buy up to 51 shops from the stricken British homewares retailer Wilko, as talks over a bigger rescue deal hang in the balance.
The Liverpool-based value retail chain confirmed that it had secured a deal to purchase the shops in a deal worth £13 million.
“The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances,” B&M told investors, adding that an update on the timing of the new shop openings would be provided at its half-year interim results on November 9.
PwC, Wilko’s joint administrator, is continuing negotiations over the remainder of the business with Doug Putman, the Canadian businessman who bought HMV out of administration in 2019.
Putman,