Saturday, February 23, 2019

Hilco sole remaining bidder for HMV


Restructuring specialist Hilco is the sole remaining bidder for ailing entertainment retailer HMV, hoping to acquire the brand and a majority of its stores in a £50 million deal, it is understood.

Over the coming days, a deal is expected to be reached between Hilco and administrators Deloitte, which were appointed to the retailer as it collapsed into administration at the start of the year.

According to The Independent, while there is no guarantee that the sale will go ahead, there is speculation that Deloitte is under pressure to finalise a deal ahead of second-quarter rent day which falls on March 25th 2013, though the newspaper noted: “this deadline is understood not to be critical”.

At the beginning of the month, Hilco entered talks with administrators to acquire HMV for £50 million after acquiring its debt from lenders in January and has strong knowledge of the business after buying HMV Group‘s Canadian arm for £2 million in 2011.