B&M announced to the City this morning it had completed the sale of its 80% shareholding in Jawoll to a consortium led by AC Curtis Salta GmbH for €12.5m (£11m) in cash. Another of the consortium is an existing shareholder in the value retail business.

The value retailer said €2.5m of the transaction is payable on completion, with the further €10m payable on December 31, 2020 conditional to the ongoing trading of the business. The buying consortium have also agreed to repay Jawoll’s bank debt.

Jawoll currently trades from 89 stores in the North-West of Germany and reported losses for the financial year to March 31, 2019 of £15.4m.