The deal will see B&M take on up to 51 of Wilko's 400 stores, with the rescued shops expected to rebrand as B&M
B&M has said it will take on 51 of Wilko’s 400 stores in a deal worth £13 million.Wilko has been owned by its founding family for decades and employed about 12,500 people before it was forced to call in administrators.
Last week, Jane Steer, joint administrator, said: “We will continue to do all that we can to support staff through this period of difficult upheaval, and to maximise their opportunities for a rapid return to work. “Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect.”It is understood that the majority of the rescued Wilko stores are expected to rebrand as B&M.
In a statement, B&M added: “The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances. “An update on the timing of these new store openings will be provided in the H1 interim results announcement on 9 November.”
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