DWF advises Pepco Group on acquisition of Wilko store leases
DWF, the global provider of integrated legal and business services, has advised long-standing client Pepco Group, the fast-growing variety discount retailer which owns the Pepco and Dealz brands in Europe and Poundland in the UK, on its agreement with PwC – the administrators of Wilkinson Hardware Stores Ltd, the UK discount retailer – to take control of up to 71 Wilko store leases.
Lease assignments are expected to be completed in early Autumn, enabling these stores to join Poundland’s existing 800-plus UK estate and trade through the important fourth calendar quarter of 2023. On completion, Poundland will prioritise recruitment for roles into these stores with existing Wilko colleagues.
DWF’s multi-disciplinary team was led by London partners Paddy Eaton (Corporate) and Mark Shepherd (Real Estate), with support from Matthew Williams (Restructuring), Nick Dent (Employment) and Dimitris Sinaniotis (Competition), also based out of London.
Paddy Eaton said: “We are delighted to have assisted Pepco Group and Poundland with this latest strategic transaction, enabling Poundland to accelerate its existing transformation programme.”
Andy Bond, executive chairman of Pepco Group, said: “The agreement to assign a number of Wilko store leases to Pepco Group will help to bring Poundland’s value and wide offer to even more customers in the UK. It will be pleasing to offer employment to a number of Wilko’s colleagues – who will benefit from being part of a successful and fast-growing pan-European variety discount group.”
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