B&M to buy 51 Wilko stores from administrators for £13 million- are Lancashire stores saved?

Wilko fell into administration last month, with insolvency experts from PwC spending recent weeks looking to secure a rescue deal for the retailer’s 400 stores and 12,500 jobs.

The B&M deal, comes after a bid from HMV buyers M2 Capital, to purchase the entirety of the collapsed high street retailer, fell through on Thursday last week.

Today (Tuesday, September 5), B&M European Value Retail said it has agreed to acquire up to 51 Wilko sites from the administrators in a deal worth up to £13m.

In an update to investers, a B&M spokesperson 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 in the H1 interim results announcement on November 9."

It has not yet been revealed which 51 stores will be secured, although people in Lancashire will hope their local branch is included. The Lancashire branches are as follows: Accrington (1), Blackburn (1), Blackpool (1 planned), Burnley (1), Cleveleys (1), Lancaster (1), Nelson (1) and Preston (2).

The B&M group runs around 1,150 stores in the UK and France under the B&M and Heron brands, and it is expected that the majority of the newly acquired stores weill rebrand as B&M.

Last week, PwC announced the first set of job losses linked to the Wilko collapse, with 269 support centre workers in its Worksop head office and Newport being made redundant. All the stores are, however, currently trading and remain open.

PwC reportedly remains in further talks regarding Wilko's remaining stores, brand and other assets, including with the buyers of HMV.