HMV sells off slice of venues group for only £7m

HMV yesterday sold a major chunk of MAMA Group, the live music business behind The Forum in Kentish Town, north London and a string of other venues and festivals including Lovebox and GlobalGathering, for just £7.3m. LDC, the private-equity arm of Lloyds Banking Group, which is 41 per cent-owned by taxpayers, is the buyer. MAMA boss Dean James will stay with the group. The sell-off follows HMV's disposal of Hammersmith Apollo for £32m. That means debt-laden HMV has pocketed £39m from the sale of MAMA assets so far. HMV paid up to £64m in 2009 for the group.