HMV sells off stake in MAMA for a knockdown £7.3m
Tuesday 04 December 2012
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.
Debt-laden HMV will use the proceeds to pay off loans.
The sell-off follows HMV's disposal of Hammersmith Apollo, another key MAMA venue, for £32m.
This means that HMV has pocketed £39m from the sale of MAMA assets so far. HMV originally paid up to £64m for the business, but has not yet offloaded all of the live-music arm, as it is still looking to sell nightclubs G-A-Y and Heaven.
LDC director, Alistair Pendleton, said live music is "growing and increasingly important".
Shares in HMV fell 2 per cent to 2.5p, close to a record low, giving the former music giant a stock market value of less than £11m.
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