Saturday, April 1, 2023

Lakeside HMV among those saved from closure

HMV’s Lakeside store is among those those marked for rescue after restructuring firm Hilco signed a £50m rescue deal to save 141 HMV stores across the UK.

The firm signed a rescue deal this morning which will save 141 of the 230 HMV stores across the UK, including nine Fopp outlets.

Hilco took effective control of HMV at the end of January, when it bought the debt from Lloyds and Royal Bank of Scotland. The private equity firm became the preferred bidder to buy the retailer after it was appointed by Deloitte to advise on keeping the business running through the administration process.

HMV went into administration in January. In October, it posted results showing £176m of underlying net debt.

Joint administrator Nick Edwards said: “The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world’s most iconic retail brands and provides a solid financial footing on which the business can be taken forward.

We wish the Hilco UK and HMV teams every success with the business. I would like to thank all those stakeholders that have worked with us during the administration, but in particular the staff, suppliers and landlords for their support in making this deal possible.”


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