B&M eyes second sale and leaseback deal
DISCOUNT retailer B&M Bargains is said to be looking for a sale and leaseback deal on its new site in Speke.
Work on the 500,000 sq ft distribution base at Peel Group’s Liverpool International Business Park is now underway close to its existing 618,000 sq ft unit called The Vault.
B&M acquired The Vault in 2009, paying an estimated £14m, and sold two years later to RREEF for £30m in a leaseback deal. GVA is handling the latest sale.
A second such transaction would follow Travis Perkins’ £52.8m sale and leaseback deal with Standard Life Investments last month for its yet-to-be-built 630,000 sq ft distribution base at Omega North on the M62 at Warrington.
In December B&M sold a minority stake to US private equity group Clayton Dubilier & Rice which valued the business at around £960m. Last year pre-tax profits rose from £47.5m to £83.8m on sales of £935.2m, up 31%. The business now has more than 300 stores across the UK and employs 11,400 staff.
The new warehouse at Speke is being developed by UK Land and Property with Eric Wright Construction the main contractor. GVA and B&M could not be reached for comment.
