HMV sells more live events business assets
MAMA Group, clubs and stake in ticket selling business sold
By CFOWorld.co.uk staff | CFO UK | Published 15:53, 03 December 12
UK entertainment retailer HMV has sold more of its live events business assets to pay off a portion of its corporate debt.
In an announcement on Monday, HMV said it had sold a 50 percent stake in ticket selling firm Mean Fiddler to a subsidiary of Lloyds Development Capital for £7.3 million. However, £3.5 million of the stated sum will be deferred for a year.
Additionally, HMV said it had sold the MAMA Group which owns HMV Forum and the Jazz Café in London. HMV bought MAMA for £46 million in 2010. It also said that talks to sell its G-A-Y and Heaven clubs, the last remnants of its live business, were on-going.
The recent announcement follows the sale of its London Hammersmith Apollo entertainment venue in May for £32 million.
The retailer’s debt stood at £166.7 million at the end of its 2011-12 financial year. It made a loss of £16.2 million over the same period but forecasts a return to profit in current financial cycle.
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