DISCOUNT retail chain B&M European Value Retail said it has agreed to buy up to 51 Wilko stores for £13 million, after a bid to purchase the entirety of the collapsed high street retailer fell through last week.
“The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances”, B&M said in an update to investors.
It said an update on the timing of the new store openings will be provided alongside its half-year financial results on November 9.
In August, the boss of Wilko said it was expected to enter insolvency after failing to secure a takeover to help the business with “mounting cash pressures”.
Administrators have held talks with a raft of suitors, including HMV owner Doug Putman, in order to save Wilko’s 400 stores and 12,500 jobs.
The chain has six stores in Scotland - with outlets in Irvine, Ayr, Greenock, Castle Douglas, Hamilton, Livingston, Motherwell, Clydebank, Edinburgh and Falkirk. There are around 408 across the UK in total.
Earlier this year the company hired advisers from PwC in a bid to find to a buyer in order to secure fresh funding to keep the firm trading.
Last year, the retailer agreed a deal to borrow £40 million from restructuring specialist Hilco after posting significant losses.
