Partly Cloudy

Partly Cloudy

max temp: 4°C

min temp: -2°C

ESTD 1874 Search

UK: Game confirmes interest in some HMV stores

12:58 18 January 2013

Game has emerged as one of around 50 potential bidders for some of HMV's stores

Game has emerged as one of around 50 potential bidders for some of HMV's stores

Archant

COMPUTER games retailer Game today confirmed it is one of around 50 potential suitors circling collapsed music entertainment chain HMV.

Game, which was bought out of administration itself last April, has approached HMV administrators Deloitte with an interest in buying a number of shops in order to boost its estate.

It did not reveal how many shops it was interested in, but reports suggest it could bid for up to 45 in locations where it does not yet have a presence.

Deloitte said it has received expressions of interest from around 50 parties, including from other retailers, private equity firms and wealthy individuals.

HMV hit the wall earlier this week after suffering dismal Christmas sales, putting more than 4,120 jobs at risk.

But chief executive Trevor Moore said he was “confident” that management can still secure a future for the 92-year-old business.

DVD and games rental firm Blockbuster, which employs 4,190 staff across 528 shops, went bust just a day later in a dire week for the high street.

Other potential bidders for HMV and its stores are thought to include private equity firm Endless, which is the group that bought The Works out of administration.

Retail restructuring firm Hilco, which owns HMV Canada, and private equity veteran Jon Moulton, through his Better Capital firm, have also been linked.

Game is owned by OpCapita, the group which owned electricals retail chain Comet when it went under before Christmas.

OpCapita’s handling of Comet is under close scrutiny, with the chain going bust less than a year after it was bought by the private equity group.

But 333-strong Game is said to be enjoying a revival following its OpCapita rescue, with sales over Christmas ahead of management expectations, putting it on track for underlying earnings of £20 million for the year to July.

Search hundreds of local jobs at Jobs24

0 comments

From left, Michelle Pollard, John Nice and Dayle Bayliss.

The organisation behind one of the biggest events in the Suffolk skills calendar has announced a new chair and vice chair as it enters its fourth year.

Could your savings work harder for you?

January is a difficult month, and saving is the furthest thing from your mind as you pay off the inflated credit card bills and eek out December’s pay packet.

The  Mersea Island Holiday Park, acquired by Away Resorts a year ago.

Fast-growing UK holiday parks operator Away Resorts, which last year acquired the Mersea Island park in Essex, has expanded again with a deal to buy the Sandy Balls Holiday Village in Hampshire, bringing its portfolio of properties to a total of six.

Sam Bouton making truffles in her kitchen.

Last September, Suffolk-based Sam Bouton decided to join the Menta-ERDF Business Start Right Programme and launch her own business, Truffles Et Al, creating hand-made luxury truffles.

Petticrow Quays in Burnham on Crouch.

A north Essex property management company which looks after nearly 160 developments across the East of England and the South East has secured two new contracts.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24