Deloitte gets 50 expressions of interest in HMV
Hilco declines comment on whether it’s leading a pack of suitors
By Gaurav Sharma | CFO UK | Published 13:37, 21 January 13
Global advisory firm Deloitte, which is acting as the administrator of beleaguered HMV, said there had been 50 expressions of interest in buying all or parts of the retailer's business.
While intentions alone do not guarantee a sale, Deloitte said the figure included both individuals as well as consortiums but issued no further clarification.
Reports in the UK media suggest a consortium lead by Sony Music and Universal is backing Hilco, a restructuring specialist, to save the entertainment products retailer. However, on Monday Hilco declined comment when contacted by CFOWorld.
Hilco’s name has been touted around since HMV went into administration on 15 January. The restructuring specialist has form with HMV. In 2011, it acquired HMV Canada from the parent company for £2 million. At the time, Hilco had demanded flexibility and better terms of credit from products suppliers in Canada.
The music and DVD chain started out as a UK retailer in 1921 and currently employs 4,350 people. However, it struggled in recent years against online retailers and digital music downloads.
HMV sold off parts of its business, beginning with the Waterstones bookstore chain, before entering administration. In December, HMV sold a 50 percent stake in ticket selling firm Mean Fiddler to a subsidiary of Lloyds Development Capital for £7.3 million.
It also sold the MAMA Group which owns HMV Forum and the Jazz Café in London and said at the time that talks to sell its G-A-Y and Heaven clubs, the last remnants of its live business, were on-going.
The moves followed 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.
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