Fri, 01 Jun 2012 | BUSINESS SALE
HMV has sold the Hammersmith Apollo to an American-German joint venture for £32 million, it has been confirmed.
Stage C purchased the venue, which was originally opened back in 1932 but had been owned by HMV since 2010.
The 9,000-capacity venue has hosted acts including David Bowie, The Beatles and Queen and has also played host to the BBC's stand-up comedy series, Live at the Apollo, for some time now.
It is partly the popularity of the iconic Apollo that prompted HMV to sell. The music company is struggling with losses at the moment and is selling off some of its assets in a bid to turn its fortunes around; the Apollo has proven to be such a successful venture that it has been profitable to sell.
Simon Fox, chief executive at HMV, commented: “The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years.”
The sale to Stage C is conditional on shareholder approval, banking approval and on Stage C securing regulatory approvals. However, once the deal is secured, HMV will see £220 million in bank loans extended to September 2014. It is hoped that this will allow it to focus on the its core retail business of 252 stores around the country.
A leading dental practice situated in the heart of London, providing exceptional dental care in a comfortable and welcoming environment.
LEASEHOLD
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Discover a leading innovator in data centre solutions, recognised as a top supplier both in the UK and internationally, with a robust consultancy arm contributing to a growing turnover.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.