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.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
Working capital improvements start to pay off, but more could be donemore ..
Amazon today slashed the price of its three-month-old Fire Phone to 99 cents, an obvious bid to boost slow sales.more ..
App use grows by 162 percent during World Cup periodmore ..
The acquisition aims to boost Samsung's business-to-business mobile offeringsmore ..
Outdated finance processes, systems and competencies leave too many questions unansweredmore ..
CFOs are keen for the chancellor to avoid any uncertaintymore ..