Wilko’s administrators have offloaded 51 Wilko stores to B&M but the discount retailer is yet to confirm whether workers at the sites will be retained.

Sky News had earlier reported on the expected announcement, with City editor Mark Kleinman adding that hopes were fading for a wider rescue deal that would take in the vast majority of the chain’s 400 stores and 12,500 employees.

It was understood that HMV’s owner Doug Putnam was now targeting around 200 sites following talks with Wilko’s suppliers, instead of the 300 for which he had initially arranged financing.

Negotiations with Wilko’s joint administrators at PricewaterhouseCoopers (PwC) are continuing.

B&M European Value Retail’s announcement to the stock market said it had paid £13m for the sites.

It did not reveal the locations.

While the company neglected to say if any staff would be kept on, its statement did reveal hope in that the sites were set to be relaunched, under its brand, within weeks.

Bank of England’s ‘regrettable’ mistakes fuelled inflation, its former top economist says

Cost of living latest: Two major lenders cut mortgage rates; crisps ‘getting less tasty’; OVO refusing to pass on standing charge rise

KKR sparks £800m deal to buy stake in battery storage company Zenobe

Please use Chrome browser for a more accessible video player

“The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances,” B&M said.

“An update on the timing of these new store openings will be provided in the… interim results announcement on 9 November 2023”.

The administrators have spent weeks in negotiations with multiple parties about a store carve-up.

The chain, which was established by the Wilkinson family in 1930, collapsed last month following a failure to find new investment.

Like many high street retailers, it had been hit by inflationary pressures and supply chain challenges.

Related posts:

Lloyds to take stake in banking loyalty app Bink Travel stocks help FTSE rally on first day of new year trading The Works calls in cyber experts after hackers target retailer’s systems Tesco exec fired over accounting crisis takes role with ‘chicken king’ US inflation slows in April after seven months of gains Chelsea to unveil £20m-a-year shirt deal with cryptocurrency brand WhaleFin Houses on average £20,000 more expensive than a year ago Age-old complaint about savings rates is down to you rather than bank bosses Liberty Steel supplier Aartee Bright Bar crashes into administration BA owner raises profit guidance as it sees capacity at 97% of pre-pandemic level Ratcliffe’s £5bn Manchester United bid has Glazer buyout clause Number of mortgages on the market at three-month low