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Wilko: B&M snaps up 51 stores for £13m

B&M has confirmed that it will buy 51 Wilko stores for £13m following the highstreet stores collapse. The rival discount chain, which has over 700 sites… View Article

GENERAL MERCHANDISE NEWS

Wilko: B&M snaps up 51 stores for £13m

B&M has confirmed that it will buy 51 Wilko stores for £13m following the highstreet stores collapse.

The rival discount chain, which has over 700 sites across the UK, did not mention how many job roles would be saved in the process.

On the sale, its share price was down more than three per cent at the open, as B&M led FTSE 100’s losses by 10.30.

It comes following reports in Sky News this morning that HMV owner Doug Putman’s rescue deal will likely not include the majority of the Wilko portfolio.

Putman, who also owns the Canadian arm of Toys R Us, is understood to have reduced his offer from around 300 stores to 200, after he encountered difficulties during talks with Wilko suppliers.

The concerns come despite the businessman securing financing from investment company Gordon Brothers.

He is said to be in continued talks with PwC about the possibility of a deal but it was not guaranteed that an offer would be reached.

Putman’s bid for the highstreet stores has been regarded as a last chance to save a large quantity of jobs at the retailer.

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