Hilco UK emerges among favourites to give HMV a spin
Denby Pottery-owner, Hilco UK, has emerged as the frontrunner to buy HMV out of administration by the end of the month, news that will boost a high street already stricken by administrations in 2013.
The music and film chain's troubles were made worse yesterday when DVD rental chain Blockbuster confirmed plans to close 129 of its 528 stores over the coming weeks.
HMV collapsed on Monday when Deloitte was appointed as the 92-year-old retailer's administrator. The move put more than 4,000 jobs at risk, although HMV's 223 stores continue to trade.
On Friday, Hilco was locked in talks with Deloitte which are expected to continue this week. The restructuring specialist has already managed a turnaround in sales at HMV's Canadian arm since it bought the business from the London-listed entertainment group in 2011.
However, Hilco faces competition from other suitors for the UK business and the structure of any deal is likely to be complex, partly because HMV has many loss-making stores that a new owner is likely to jettison.
The turnaround private equity firms, Endless and Jon Moulton's Better Capital, as well as the restructuring company Gordon Brothers are also interested in rescuing parts of HMV. Game, the video games chain, is eyeing up to 45 HMV stores, while TV presenter Jonathan Ross is rumoured to be fronting a separate bid.
Game itself was acquired out of administration by Opcapita, the investor in distressed businesses, in March. It's chief executive, the US financier Henry Jackson, was the owner of the electricals chain Comet, which collapsed and shut all its 236 stores before Christmas.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Millions of Britons struggling to feed themselves and facing malnourishment
Immigrants make UK racist, says Ukip councillor Trevor Shonk
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...