HMV enters administration

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.


Share this article



Latest Businesses for Sale

Butchers
Dagenham, Essex, South East, UK

The business sells a great selection of meats, cooked meats, a range of seasoned sausages and burgers all prepared in-house. Revenue is derived from the sale of quality fresh produce, supplied from reputable sources. The business sees a lot of repeat...

Asking Price: Offers Invited
Turnover: £852,000

LEASEHOLD


Furniture Retailer
County Durham, UK Wide

The business offers a wide range of quality furniture made from materials such as solid oak, solid pine, Indian hardwood, reclaimed wood, veneers, foils and more. A wide variety of different products are displayed in a traditional and contemporary st...

Asking Price: Offers Invited
Turnover: £550,000

LEASEHOLD


Butchers With Modern Bakehouse
Kirkcaldy, Fife, Scotland, UK

Fantastic opportunity to acquire, on a freehold basis, this long standing and well respected traditional local butchers. Thomson of Thornton has been family owned for over 50 years and has built an excellent local reputation for quality and service a...

Asking Price: £600,000
Turnover: £600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
18
 
Nov
 

Kitwave acquires Alpine Fine Foods | BUSINESS SALE

Independent wholesaler Kitwave has acquired Alpine Fine Food...

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
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...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources