The parent company of value retailer B&M has announced the acquisition of property assets from collapsed high street retailer Wilko.

Jane Steer, Zelf Hussain and Edward Williams have been appointed as Joint Administrators of Wilkinson Hardware Stores Ltd, wilko Ltd and wilko.com Ltd to manage their affairs, business and property as their agents and act without personal liability.

B&M European Value Retail S.A. has since confirmed that it has entered into an agreement with the joint administrators of Wilko Limited to acquire up to 51 properties for the maximum aggregate consideration of £13m.

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

“An update on the timing of these new store openings will be provided in the H1 interim results announcement on 9 November 2023.”

Wilko, which was established in 1930, fell into administration following a decline in customers and financial losses that were due to the Covid-19 pandemic.