(Alliance News) - B&M European Value Retail SA on Tuesday said it has entered an agreement with the joint administrators of the failed Wilko chain to buy 51 properties for up to GBP13.0 million.
The Luxembourg-based variety goods value retailer said the properties will be fully funded from its existing cash.
B&M noted that an update on the timing of these new store openings will be provided in its interim results announcement on November 9.
In August, Sky News reported that Wilko's administrator was in talks to divide up parts of the household goods and homewares seller's 400-store estate. At the time it said that B&M was mulling taking on between 40 and 50 stores and Poundland-owner Pepco possibly acquiring around 100.
Shares in B&M were down 3.3% to 548.20 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News reporter
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