Tue, 20 Dec 2011 | DIVISION SALE
HMV has put its fast growing, most profitable business on the block to save the rest of the struggling company.
Citigroup has been drafted in to seek a buyer for its music venue and festivals business, HMV Live, in an effort to reduce its £163 million debt mountain.
HMV Live runs 13 venues, including the HMV Apollo in Hammersmith, and is behind festivals including Global Gathering and Lovebox. It achieved profits of £3.4 million for the first six months of this year, and could bring in £60 million if sold.
Pre-tax losses for HMV jumped to £36.4 million for the six months to the end of October from £27.4 million for the same period in 2010.
The Times reported that HMV said there were “material uncertainties which may cast significant doubt on the group’s ability to continue as a going concern in the future”.
HMV had taken steps to diversify away from its dropping CD and DVD sales by selling tech paraphernalia such as headphones and docks for MP3 players, after refitting 144 of its 252 stores to do so. Sales of tech items are said to have increased by 42 per cent.
The rise of online music sellers such as Play and Amazon, the diversification of supermarkets, and price under cutting have played a big part in the demise of the record store.
Our client is a market-leading print and media management company, utilising changing trends and technologies to remain at the forefront of its sector. Offers invited.
Established for over 37 years, the company has developed a strong industry reputation for providing consistently high-quality and high-performance diving equipment, complemented by excellent levels of customer satisfaction. The company offers a compr...
FREEHOLD
Opportunity to acquire the entire issued share capital of a UK based supplier of infrastructure, power supply, transmission and ancillary equipment to the Security industry. A strategic buyer can benefit from the Company's extensive product range and...
|
17
|
|
Oct
|
SYNETIQ acquires motor remanufacturer Motorman | BUSINESS SALE
Salvage and vehicle recycling company SYNETIQ Limited has ac...
|
17
|
|
Oct
|
Sealant company makes its first acquisition in Yorkshire | BUSINESS SALE
SD Sealants, a sealant and cosmetics repair business headqua...
|
16
|
|
Oct
|
Automotive supplier completes MBO | MBO/MBI
An automotive products supplier located in South Yorkshire h...
Sign up to receive our acquisition alert emails to get your FREE guide
|
01
|
|
Jan
|
HMV enters administration | ADMINISTRATION
His Master’s Voice, more commonly known as HMV, has co...
|
30
|
|
Sep
|
HMV returns to strength and profitability after insolvency | ADMINISTRATION
Over a year after HMV plunged headfirst into administration ...
|
06
|
|
Apr
|
Hilco rescues HMV | BUSINESS SALE
Hilco and HMV have confirmed a deal that will see the restru...
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