The Range to acquire brand of UK retailer Wilko

Homeware chain The Range has agreed to buy the brand, website and intellectual property of failed British retailer Wilko, its administrators PwC said on Thursday, days after Poundland said it would buy up to 71 of its stores.

"This sale to The Range will ensure that the Wilko name lives on under their ownership and we wish The Range every success," its administrator PwC said in a statement.