B&M buys 51 Wilko stores for £13m

B&M has agreed to purchase 51 stores from the financially troubled discounter Wilko, as talks with the billionaire owner of HMV for a larger rescue deal hit a snag.

The Liverpool headquartered B&M said today it had secured a deal to buy the tranche of Wilko stores for £13m. It is unclear what the impact will be for Wilko staff.

B&M said in an update to investors: “The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances.”

It said an update on the timing of the new store openings will be provided alongside its half-year financial results on November 9.

Meanwhile, administrators are continuing negotiations with Doug Putman, the Canadian businessman who bought HMV out of administration in 2019.

It comes as a potential deal to rescue the entire business by a private equity firm, M2 Capital, collapsed last week after the company did not provide administrators at PwC with sufficient proof of funding. PwC declined to comment.