A deal with B&M has saved 51 of Wilko’s 400 stores from closure, after the high street chain went into administration.

The deal, worth £13m, was announced by B&M, which operates about 1,150 stores in the UK and France under the B&M and Heron brands.

The deal follows the failure of a previous bid to buy the whole of Wilko, which has been in the hands of its founding family for generations and had around 12,500 employees.

Jane Steer, joint administrator, said last week: “We are doing everything we can to help staff during this challenging time and to help them find new jobs as soon as possible. “Our main concern is to make sure that all the workers who are made redundant get their claims processed without delay.”

Most of the Wilko stores that have been bought by B&M are likely to be rebranded as B&M.

B&M said in a statement: “The purchase is fully paid for by our existing cash reserves and we do not expect any regulatory issues to affect the deal.

“We will give more information on when these new stores will open in our H1 interim results announcement on 9 November.”

M2 Capital bids £90 million for the household products chain Wilko

B&M agrees to buy 51 Wilko stores after collapse of rival bargain chain