In an update to investors, the discount retailer said: “The consideration is fully funded from existing cash reserves and the acquisition is not expected to be conditional on any regulatory clearances.”
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The details on when the new stores will open are to come alongside B&M’s half-year financial results on 9 November, the company revealed.
The move follows a big from HMV buyers M2 Capital, to purchase the entirety of the high street retailer, which fell through last week, with online marketplace OnBuy making a last-minute bid to “try and keep the household brand part of English history for time to come.”
Earlier this week, around 300 employees at the retailer’s support centre in its Workstop head office lost their jobs due to the collapse.