Wilko deal with B&M may save some north London stores

Retailer B&M has today (September 5) sealed a deal to buy up to 51 Wilko stores from administrators following the collapse of the rival discount chain.

Wilko currently has branches at Tottenham Hale retail park; Wood Green Shopping City; Edmonton Green shopping centre; Capitol Way in Colindale; St George's Shopping Centre, Harrow; and High Road, Wembley.

The deal between B&M European Value Retail and administrators PwC is worth up to £13 million.

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But B&M has not yet revealed the locations of sites that could be saved.

Wilko fell into administration last month despite insolvency experts from professional services brand PwC spending weeks seeking a rescue deal for the home and hardware retailer.

Administrators have held talks with suitors including HMV to save Wilko’s 400 stores and 12,500 jobs.

In a statement, B&M said: “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 on November 9, B&M added.

Additional reporting from PA.