Sat, 15 Dec 2012 | ADMINISTRATION
Rumours of a potential administration have started up once again around struggling entertainment store HMV.
The summer saw a further collapse in demand for CDs, DVDs and games, leaving the business with a first-half loss of £36.1 million. Like-for-like sales slumped ten per cent in the six months to 27 October and suppliers held back new titles, fearing they would be overlooked for the Olympics.
Trevor Moore, the firm's chief executive, said that there was "material uncertainties facing the business" due to these tough trading conditions. However, he did insist that an administration or the closure of stores was not "part of the plan at the moment", although steps are being taken to cut running costs.
In an attempt to reassure investors, he added: "I joined the group because I believe it has a strong future. If I thought we had tried everything I would not have joined."
However, the retailer has a debt burden of £176 million, despite having sold off the Waterstones chain and its live music venues around the country in an effort to raise funds. The company admitted that it was "probable" that its banking convenants would be broken when they were tested in January.
Such a breach would put the banks in control of the company's future and, while it would be preferable to keep the company in operation, there is a strong risk that more assets could be sold off or an administration could even be on the cards in the future.
This thriving company, specialising in yoga equipment and wellness products, offers a unique opportunity with its extensive stock, experienced team, and potential for growth through innovative marketing strategies.
This well-established business, a market leader in tube manipulation and welding services, presents a unique opportunity with a loyal client base across the UK and international markets.
A well-established glazing and glass business located on a business park in Derbyshire offers solid partnerships with local businesses and the council.
03
|
Apr
|
Whitworths Food Group buys oils group KTC Edibles | BUSINESS SALE
Northamptonshire-based Whitworths Food Group is buying KTC E...
02
|
Apr
|
NVM exits travel tech firm Intuitive with Banyan Software deal | BUSINESS SALE
Banyan Software has bought a technology provider of end-to-e...
02
|
Apr
|
CheckFire Group buys long-standing partner PJ Fire | BUSINESS SALE
CheckFire Group, the South Wales-based fire safety equipment...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.