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Administrator comfirms interest in HMV

By James Pugh | Wolverhampton | Business | Published:

The administrator of retail giant HMV has confirmed there has been interest in the troubled firm.

Despite remaining tight-lipped about the level of interest received, KPMG has confirmed there has been no approach from online discount club BuyVia.

KPMG was appointed to run and find a potential buyer for the troubled music retailer, which collapsed at the end of last month for the second time in six years after a sharp fall in sales.

It had been reported BuyVia, which helps users secure discounts for high street shopping, had made an early bid to take over the HMV brand and maintain some of the stores.

KPMG said it will try to keep all 125 stores open while a buyer is sought. They include stores in Shrewsbury, Telford, Wolverhampton, the Bull Ring in Birmingham and at intu Merry Hill shopping centre in Brierley Hill.

A spokeswoman for KPMG said: "The joint administrators can confirm that interest in the business has been received, although we’re not able to say anything at this stage about the number of offers received or indeed, who they are from.

"However, we can also confirm that the administrators have not received an approach or had any contact from BuyVia to date."

HMV became the first high street casualty after Christmas in what has been a tough year for the retail sector, which has been hit by falling consumer confidence and a rise in online shopping.

A weak Christmas, high business rates, weak consumer confidence and the rise of online streaming services have taken their toll on HMV.

Paul McGowan, the executive chair of HMV and Hilco, said the decline in the UK CD and DVD market had made the situation impossible.

It is the second time it has collapsed in recent years, having filed for administration in 2013. It was eventually taken over by Hilco, which specialises in restructuring companies.

James Pugh

By James Pugh
@JamesP_Star

Shropshire Star Business and Farming Editor.

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