B&M European Value to sell loss-making German business

B&M European Value Retail has agreed to sell its loss-making German business Jawoll for €12.5m to a consortium led by AC Curtis Salta, which is funded by Adiuva Capital.

The discount retailer said on Wednesday that on completion, the purchaser will also repay Jawoll's bank debt.

Jawoll is a general merchandise discount retailer with 89 stores in the North-West of Germany. In the year to the end of March 2019, it made losses of £15.4m.

Completion of the deal is expected to occur within the next 28 days or by a long stop date of 1 June 2020 and B&M said the transaction will have no material impact on the company’s leverage.