Thu, 24 Jan 2013 | BUSINESS SALE
Hilco, the restructuring company that has recently taken on HMV's debt, is reportedly in talks to buy Jessops out of administration.
Hilco paid £40 million to HMV's creditors to acquire its debt, effectively giving it control of the company. It is thought that the firm might try to create some kind of joint operation if it successfully acquires both of the distressed retailers. Opening Jessops camera concessions in HMV stores is the most likely course of action.
Jessops joint administrator and PwC partner, Rob Hunt, commented: “We have a number of people interested in the brand but we will not disclose or confirm individual parties as this is confidential information.”
The next move for Hilco will be to make a bid to takeover HMV. Given that its has become the only secured creditor and relieved the pressure for administrators, it is in a pretty good position to do so.
The company declined to comment on its intentions for Jessops, however, but it is known that Hilco is in discussions with administrators PwC about buying the brand.
PwC has already closed the photography specialist's 187 shops, with the loss of 1,370 jobs across the UK.
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