B&M has snapped up 51 Wilko stores as HMV owner Doug Putman’s bid to buy the majority of its shops falters.
The discount retailer paid £13m for the stores, and it does not expect to need regulatory clearances for the acquisition.
The B&M deal comes as Putman faced resistance from Gordon Brothers to finance his proposed acquisition of 300 stores, according to Sky News.
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Putman also faced challenges from Wilko’s big suppliers that have demanded their debt is repaid before supply lines are opened to the retailer.
Sky said that Putman remains in “constructive dialogue” with administrator PwC regarding a slimmed-down deal that would see him take around 200 shops, although there was no certainty that an agreement will be reached.
The first round of redundancies at Wilko kicked off last week, although those numbers will balloon if mass store closures begin.
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Guarantee that most of them are north of the midlands where there’s already one on every high street! B&M are allergic to the Home Counties.
There’s a B&M near me in West London. Never been in there myself though
Well, I’ll sleep better knowing that. Cheers.
Plenty of B & Ms South mate
Problem with B&M is they are mostly out of town stores that are poorly served by public transport. Brighton is crying out for a Wilko or B&M, but the nearest is now an hour away in Crawley!