• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

SEENIT

TV, Film, Broadband, Pay-TV, Games, Computing and Tech | News, Comment & Reviews

  • NEWS
  • FEATURES
  • ADVERTISE
  • Twitter

HMV rescued in £50m deal

April 5, 2013 - Staff@seenituk

hmv_logoTroubled entertainment retailer HMV has been rescued by restructuring specialists Hilco in a £50m deal.

The company has bought the HMV brand, business and 132 stores from administrators Deloitte, along with all nine of the group’s Fopp stores.

The deal could save up to 2,500 jobs and comes almost three months after the iconic entertainment group went into administration.

The chain’s first store opened in London’s Oxford Street in 1921 but in recent years it faced intense competition from online retailers and supermarkets.

Two years ago Hilco took over the HMV Canada business which, with the support of suppliers and major entertainment labels, it has successful transformed into a profitable business.

Hilco CEO Paul McGowan says the firm was hoping to replicate that success with the UK business.

However McGowan added that: “The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business” but said his believed HMV “as a successful future ahead of it.”

The HMV UK business will initially be led by a Hilco team working alongside existing management.

The Hilco team will be led by Ian Topping, formerly Chief Executive of the Steinhoff Group in the UK, and Henry Foster, an Investment Director at Hilco while Paul McGowan will take up the role of Chairman of the new business.

Mr Topping commented: “This is an exciting investment for the Hilco team and we will be able to use some of the developments already progressed in Canada to restore HMV to health. We intend to reverse the earlier decisions to sell tablets and other devices in the stores and to reclaim the space for an enhanced music and visual range.”

“The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that.”

Hilco has opened negotiations with a number of landlords in the Republic of Ireland with a view to re-establishing an HMV business there after Receivers there closed the business.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Blu-ray and Gaming Top Buys

Indicator is bringing Ridley Scott’s Someone to Watch Over Me to Blu-ray

Smokey and the Bandit is getting a 4K UHD Blu-ray release

4K and Blu-ray release date confirmed for Zack Snyder’s Justice League

RECENT

Indicator is bringing Ridley Scott’s Someone to Watch Over Me to Blu-ray

Smokey and the Bandit is getting a 4K UHD Blu-ray release

Dylan O’Brien’s Flashback is getting a UK release in June

iPlayer enjoys record-breaking start to the year

Popular

MPs urge ministers to guarantee PSB prominence on streaming devices

Apple TV+ is coming to Google TV

New Django series is coming to Sky and CANAL+

BBC, ITV and Channel 4 announce plans to merge Digital UK and Freesat

Featured

Ofcom calls for greater social and geographic diversity in TV and radio

BT Sport app now available on Now TV devices

StarzPlay is now available from Rakuten TV

Britbox – What does the new UK-centric streaming service offer?

ADVERTISE ON SEENIT

We’re pleased to offer a number of advertising opportunities to high quality brands including sponsored content, competitions and advertising placements.

Please contact us for details.

MORE FROM US

Copyright © 2021 · All Rights Reserved · Contact Us · Copyright · Terms of Use · Privacy Policy