Tue, 20 Dec 2011 | DIVISION SALE
HMV has put its fast growing, most profitable business on the block to save the rest of the struggling company.
Citigroup has been drafted in to seek a buyer for its music venue and festivals business, HMV Live, in an effort to reduce its £163 million debt mountain.
HMV Live runs 13 venues, including the HMV Apollo in Hammersmith, and is behind festivals including Global Gathering and Lovebox. It achieved profits of £3.4 million for the first six months of this year, and could bring in £60 million if sold.
Pre-tax losses for HMV jumped to £36.4 million for the six months to the end of October from £27.4 million for the same period in 2010.
The Times reported that HMV said there were “material uncertainties which may cast significant doubt on the group’s ability to continue as a going concern in the future”.
HMV had taken steps to diversify away from its dropping CD and DVD sales by selling tech paraphernalia such as headphones and docks for MP3 players, after refitting 144 of its 252 stores to do so. Sales of tech items are said to have increased by 42 per cent.
The rise of online music sellers such as Play and Amazon, the diversification of supermarkets, and price under cutting have played a big part in the demise of the record store.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
01
|
Jan
|
HMV enters administration | ADMINISTRATION
His Master’s Voice, more commonly known as HMV, has co...
30
|
Sep
|
HMV returns to strength and profitability after insolvency | ADMINISTRATION
Over a year after HMV plunged headfirst into administration ...
06
|
Apr
|
Hilco rescues HMV | BUSINESS SALE
Hilco and HMV have confirmed a deal that will see the restru...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.