Overcast

Overcast

max temp: 5°C

min temp: 4°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

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.

shares

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.

shares

0 comments

Film students at UCS in Ipswich.
Auditions are planned for actors to wanting take part in student films

Could you take a starring role in a student-produced film?

Giles Ellerton, from BT Group, David Bell, FSB Essex Chair, ECC Cllr Lady Patricia Newton, Caroline Thomas, from The Social Accelerators, ECC Cllr Kevin Bentley and Paul Pritchard, from Abacus Accountancy, gathered at to mark superfast broadband coverage achieved across Essex business parks.

A celebration to mark the successful roll-out of superfast broadband to business parks across Essex was held on Thursday.

The main terminal building at Stansted Airport

Budget airlines easyJet and Ryanair have each announced a new route from Stansted Airport.

James Cooper, centre, of Survey Solutions, with Robertt Mullins, left, and  Jeff Bate of East Anglian Land Surveys.
Photo: Paul Nixon

East Anglia’s largest independent firm of surveyors has consolidated its position with the purchase of another Suffolk-based business.

Alastair Kerr and Philip Turner. Mr Turner's firm, the Chestnut Groupr,  is to take on the management of the White Horse Inn at Easton, near Framlingham.

A picturesque village pub is set to be relaunched under new management in May.

Most read

Fred Olsen Travel Sale

cover

Click here to view
the Fred Olsen
Travel Sale

View

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24