Monday, December 17, 2018

“A number of parties” interested in HMV Live


Struggling entertainment retailer HMV has confirmed today that several companies have expressed an interest in acquiring its live events business HMV Live.

HMV posted total group losses of £50 million in December for the first half of its financial year and revealed that it was undertaking a review of its live music operations with a view to selling.

In recent weeks press speculation has linked the owner of the O2 venue in London, AEG, with a possible offer for the business which operates more than a dozen concert venues in the UK including the Hammersmith Apollo.

A statement from HMV today read: “HMV Group plc (“HMV”) notes the recent press speculation regarding the strategic review of the HMV Live business. HMV can confirm that this review remains on-going and that a number of parties have indicated an interest in acquiring the business.

“At this stage, there can be no certainty that any transaction will be concluded and a further announcement will be made as and when appropriate.”

Last year HMV sold the book seller chain Waterstones for £53 million to a fund management firm of which Russian Millionaire Alexander Mamut has a significant share, and also closed tens of stores across the country in order to stave off administration.

Despite seeing a slight improvement in sales following its strategic decision to stock more electrical goods in store, HMV is still being dogged by weak consumer spending and the dominance of online players in the entertainment market.

In January the group struck a new deal with its lenders in order to give it more time to try and turn the retail business around.