Hilco rescues HMV

Sat, 06 Apr 2013 | BUSINESS SALE

Hilco and HMV have confirmed a deal that will see the restructuring expert take ownership of 141 of the retailer's outlets.

The deal, which was rumoured to be under discussion on Thursday night, was confirmed yesterday (Friday, 5 April). Hilco is thought to have paid around £50 million, but HMV's administrators Deloitte refused to comment on the exact sale price.

Included in the sale are 25 stores that had been slated for closure, although around 80 shops are set to remain closed.

Chief executive at Hilco, Paul McGowan, commented: “We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly.

“The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.”

An official blog from HMV confirmed the news and suggested that the company is due to reassess its approach to business: “We're officially out of administration and under new ownership. The whole team’s working hard behind the scenes to bring you the new and improved hmv. A new website and digital services, a rebooted Pure rewards scheme, and a fresh approach to our stores are all in the works.”

HMV UK is set to be run by a team from Hilco, alongside the firm's existing management. The former chief executive of South African retail group Steinhoff, Ian Topping, will take the lead, while McGowan will become chairman.

Related articles:
How to turn around a struggling business
HMV administration underlines shift in high street trends
HMV set to enter administration
Hilco buys HMV debt and takes control

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