HMV acquired by Hilco

HMV has been bought by Hilco in a £50 million deal likely to halt hundreds of store closures and save thousands of jobs 

HMV has been spared the fate of becoming the latest high-street casualty after news has emerged the retailer has been bought by restructuring specialist firm Hilco in deal believed to worth around £50 million.

 

In statement on Hilco's website, the firm stated it has acquired HMV from its administrators, Deloitte. The business includes 141 shops, including 25 that were previously earmarked for closure, and all nine remaining Fopp stores. The deal may also save around 2,500 jobs.

Hilco's chairman, Paul McGowan, laid out his company's strategy moving forward with HMV and the personnel taking up key positions in the company in a statement on Hilco's site

"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," he said. "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."

"The HMV UK business will initially be led by a Hilco team working alongside existing management," he added. "The Hilco team will be led by Ian Topping, formerly Chief Executive of the Steinhoff Group in the UK, and Henry Forst, an Investment Director at Hilco while Paul McGowan will take up the role of the Chairman of the new business."

The deal effectively saves HMV, which had been expected to close permanently after entering administration in January of this year.

Comments

Be the first to comment…

Back to top
Close
T3 Newsletter
Sign up to recieve the T3 newsletters by entering your details below

Your Details

As you're registering with us. we'd like to think that you'd enjoy receiving the following emails; if you'd rather not receive them, please untick the boxes:

I would like to receive other emails from T3, Future Publishing Limited and it's group companies containing news, special offers and product information
I agree to the terms of use and privacy policy and confirm that I am over 16 years of age *
Close
Log in or Join

By clicking below you agree to our terms and conditions and our privacy policy

Log in to T3.com with your preferred social network

Log in with your T3.com account

CloseJoinPlease complete these additional details

Join T3.com with your preferred social network

OR

Join T3.com

Please tick this box to confirm you are 16 years old or over

Just so we know you're human

Newsletters

I would like to receive T3 email newsletters, packed full of the latest tech news, competitions and exclusive offers.

I would like to receive other emails from T3, Future Publishing Limited and its group companies containing news, special offers and product information.

I would like to receive offers from carefully selected third Parties. We will not share your data with the third party.

Close Edit your profile

Change your password

Newsletters

I would like to receive T3 email newsletters, packed full of the latest tech news, competitions and exclusive offers.

I would like to receive other emails from T3, Future Publishing Limited and its group companies containing news, special offers and product information.

I would like to receive offers from carefully selected third Parties. We will not share your data with the third party.

Social networks

You have authorised these social networks to interact with your T3.com account.

Please ensure you deactivate or revoke access to this website from within your social networks settings to ensure all permissions are removed.

Close Forgotten your password

Forgotten your password?

Please enter the email address that you used to sign up and we'll send you a new password

Close
Forgotten password
Don't have a T3 Account? Join now