Wed, 04 Jan 2012 | DIVISION SALE
Several bidders are circling the sale of HMV Live, including the owner of Time Out. The sale of HMV’s successful music venue and festivals business was originally announced in mid-December.
Citigroup was brought in to assist in the sale of the business, which would help HMV address its debt pile. HMV Live runs 13 music venues including London’s Jazz Cafe and is behind festivals including Global Gathering and Lovebox. HMV Live’s digital operations are also included in the sale.
Oakley Capital, the owner of magazine Time Out, is amongst several parties considering making an offer. Events firm Festival Republic is also thought to be interested in a deal, and may make an approach within days, but might not be interested in taking on the whole business.
Citigroup has approached several investors with information about the sale, most of which were interested and wanted more. The process is at an early stage.
HMV Live’s co-chief executive Dean James is understood to be speaking to potential backers about a management buy-out deal.
Simon Fox, chief executive at HMV, said to The Times in December that a sale is not a definite move; “It would make a significant difference to our level of debt. But I don’t want to pre-judge the outcome.”
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