Household and garden retailer Wilko has completed the sale and leaseback of its distribution centre in Worksop, Nottinghamshire, to DHL for £48m.
Under the deal, the retailer has inked a 15-year partnership agreement with the logistics provider.
The retailer said it would invest the capital into improving its omnichannel offer and customer experience across its 402 stores, as well as online.
The retailer added that the deal was the first in a planned series of transformational efficiencies.
Day-to-day operations will remain unchanged.
Jerome Saint-Marc, chief executive at Wilko, said: “It is standard business practice to constantly review how we manage our finances. This property deal with DHL represents long-term stability for us and our team members and is the right response to the current market conditions and our priorities.
“We are making smart choices to trade as a business and allow us to continue to invest in our long-term transformational strategy. Wilko remains family-owned and continues to focus on helping hard working families to be the best that they can be, delivering great value products to our customers.”
Earlier this year, the retailer outlined plans to close stores. Last month, it reportedly told landlords it would pay its quarterly rent bills in monthly instalments in a bid to manage cashflow.
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