Wilko's directors have offloaded 51 Wilko shops to B&M however the low cost retailer is but to substantiate whether or not employees on the websites will probably be retained.

Sky News had earlier reported on the anticipated announcement, with City editor Mark Kleinman including that hopes had been fading for a wider rescue deal that may take within the overwhelming majority of the chain's 400 shops and 12,500 workers.

It was understood that HMV's proprietor Doug Putnam was now concentrating on round 200 websites following talks with Wilko's suppliers, as an alternative of the 300 for which he had initially organized financing.

Negotiations with Wilko's joint directors at PricewaterhouseCoopers (PwC) are persevering with.

B&M European Value Retail's announcement to the inventory market stated it had paid £13m for the websites, which it didn't determine.

The firm uncared for to say if any employees can be retained however its assertion urged it hoped to relaunch the websites below its model inside weeks.

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

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

Content Source: information.sky.com