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 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 3 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 4 Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
- 5 Gamers confess the worst things they've done in The Sims
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...