B&M is to buy 51 stores from the beleaguered discounter – and rival – Wilko.
The Liverpool based company revealed is has spent £13 million on “buying shops”cherry picking” stores across the country.
The deal comes as talks with the owner of HMV for a larger rescue deal hit a snag.
B&M said in an update to investors:
“The consideration [B&M] is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances.”
The expected timing of the new store openings will come at Wilko’s half-year financial results on November 9th.
Meanwhile, administrators continue to talk to with Doug Putman, the Canadian businessman who bought HMV out of administration in 2019.
More than 12,500 jobs are at risk as Wilko.
The 93-year-old company called in the administrators on August 10th.
Wilko collapsed after it struggled to recover from supply issues during the pandemic.
It was left floundering to secure enough stock and overexposure to Britain’s ailing high streets.
Administrators at PwC declined to comment on the B&M proposal.
