Tue, 01 Jan 2019 | ADMINISTRATION
His Master’s Voice, more commonly known as HMV, has collapsed into administration. Insolvency experts from KPMG have been appointed as joint administrators to find a buyer.
The music and film retailer accounts for nearly a third of all physical copies of music sales in the UK and a quarter of all DVD sales. The company employs altogether 2,200 staff and is expected to continue to trade while negotiations are held with major suppliers and options to find a new buyer for the 97-year-old retailer is explored.
Will Wright from KPMG said: "Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale.
"Customers with gift cards are advised that the cards will be honoured as usual, while the business continues to trade."
Executive chairman of HMV and its owner Hilco Capital, Paul McGowan, pointed out that HMV sold 31 per cent of all physical copies of music in the UK in 2018 and 23 per cent of all DVDs and Blu-rays. In fact, its market share had grown month by month. Unfortunately, the decline in the CD and DVD market had made it tough.
McGowan said: "Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market."
It seems all retailers are facing challenges in the market as the festive period had been extremely weak, with sales of DVDs diving by 30 per cent.
For more news stories about administrations click here. For all our administrations listings, click here.
Affluent trading area for the business. Demand in place to undertake servicing. Jobs booked in up to 6 months in advance. This is a retirement sale. Offers invited.
Popular fish and chip shop in busy West London area (W5). Highly populated area of Ealing. Trading has taken place here since 1996. Offers invited.
Established since 1986. Parking available directly outside. Exclusive Designer brands in stock. Offers invited.
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
16
|
|
Jul
|
Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE
A supply chain management company operating in the aviation ...
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
Sign up to receive our acquisition alert emails to get your FREE guide
|
23
|
|
Jan
|
Hilco buys HMV debt and takes control | BUSINESS NEWS
Hilco has purchased HMV's debt and taken control of the...
|
04
|
|
Jan
|
Bidders mull a bid for HMV Live sale | DIVISION SALE
Several bidders are circling the sale of HMV Live, including...
|
20
|
|
Dec
|
HMV to sell its thriving business HMV Live | DIVISION SALE
HMV has put its fast growing, most profitable business on th...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources