Fri, 01 Jun 2012 | BUSINESS SALE
HMV has sold the Hammersmith Apollo to an American-German joint venture for £32 million, it has been confirmed.
Stage C purchased the venue, which was originally opened back in 1932 but had been owned by HMV since 2010.
The 9,000-capacity venue has hosted acts including David Bowie, The Beatles and Queen and has also played host to the BBC's stand-up comedy series, Live at the Apollo, for some time now.
It is partly the popularity of the iconic Apollo that prompted HMV to sell. The music company is struggling with losses at the moment and is selling off some of its assets in a bid to turn its fortunes around; the Apollo has proven to be such a successful venture that it has been profitable to sell.
Simon Fox, chief executive at HMV, commented: “The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years.”
The sale to Stage C is conditional on shareholder approval, banking approval and on Stage C securing regulatory approvals. However, once the deal is secured, HMV will see £220 million in bank loans extended to September 2014. It is hoped that this will allow it to focus on the its core retail business of 252 stores around the country.
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