B&M has sealed a deal to buy up to 51 Wilko stores from administrators following the collapse of the rival discount chain.

Wilko fell into administration last month, with insolvency experts from PwC spending recent weeks seeking to hammer out a rescue deal for the historic retailer.

Administrators have held talks with a raft of suitors, including HMV owner Doug Putman, in order to save Wilko’s 400 stores and 12,500 jobs.

On Tuesday, 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 £13 million.

In a statement, B&M added: “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 is as yet unclear if the Clydebank store will be bought as part of the deal.