Britain's B&M exits Germany with 12.5 mln euros disposal

British discount retailer B&M European Value Retail said on Wednesday it has agreed the sale of its loss-making German business, Jawoll, to a consortium led by AC Curtis Salta for 12.5 million euros ($14.2 million).

Last November, B&M, a general goods retailer selling everything from furniture to electricals to food, wrote down the value of the 89-stores Jawoll and put it under review. Jawoll made a loss of 15.4 million pounds in the year to March 31, 2019.

AC Curtis Salta is funded by investment company Adiuva Capital. The purchasing consortium also includes Wiebke Stern, Sebastian Dorin, Alexander Dorin, STIWEC and Jalogy Beteiligungs. B&M trades from around 650 stores in the UK and around 100 in France, trading as Babou.

Shares in the group, down 25% so far this year, closed Tuesday at 306 pence, valuing the business at 3.1 billion pounds. ($1 = 0.8814 euros)