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HMV owed taxman £20m ahead of collapse


Flailing entertainment retailer HMV owed tax in excess of £20 million when it collapsed into administration in January, according to new figures.

Bankers to the HMV Group were owed £109 million, the Mail on Sunday reported, while primary trading company HMV Music Limited owed £53.3 million to other creditors.

Documents filed with Companies House reveal the payment problems just days after restructuring specialist Hilco acquired £50 million of the retailer’s debt]], though it remains in administration.

Hilco is expected to save some 130 stores from closure and maintain thousands of jobs in the process following its bid to administrators Deloitte last week.

Since its fall into administration at the start of the year, the retailer has drummed up considerable interest from music labels keen to maintain its presence on the high street while grocer Morrisons last week confirmed its acquisition of six HMV stores as it seeks to enlarge its convenience portfolio.

Published on Monday 04 March by Editorial Assistant

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