Sunny

Sunny

max temp: 15°C

min temp: 12°C

ESTD 1874 Search

UK: HMV administrators in U-turn over acceptance of gift vouchers

15:53 21 January 2013

The HMV store in the Lion Walk shopping centre in Colchester

The HMV store in the Lion Walk shopping centre in Colchester

Archant

THE administrators of ailing music and DVD retailer HMV have bowed to public pressure and said they will accept gift cards.

shares

Despite HMV continuing to sell gift cards until the day before the music chain collapsed, administrators Deloitte stopped accepting them once appointed to the business last week.

But amid a storm of protest from consumers, Deloitte today said gift cards and vouchers will be redeemed in stores from tomorrow.

Administrator Nick Edwards said the decision had been made after assessing HMV’s financial position.

He also said proceeds of charity releases, including the Hillsborough Justice Collective single, would be paid in full as soon as possible.

He added: “We recognise that both of these matters have caused concern for individuals and organisations affected and we are pleased to have reached a positive outcome.”

Mr Edwards said Deloitte was still assessing the longer term options for the business and was hopeful the process would result in the business continuing as a going concern.

HMV hit the wall last week after suffering dismal Christmas sales, putting more than 4,000 jobs at risk at its 223 stores.

Entertainment giants including Universal Music, Warner Music and Sony are planning to offer potential buyers for HMV generous credit terms and cut the price of CDs and DVDs to help keep the chain’s presence on the high street, it was reported at the weekend.

Fears that consumers would lose out on gift vouchers and cards last week prompted experts to call for an urgent change in the rules.

Richard Lloyd, executive director of consumer watchdog Which?, said it was “outrageous” that consumers were left out of pocket when retailers refused to honour gift vouchers.

Dean Dunham, the founder of youandyourrights.co.uk, also called for change.

He said: “A gift voucher should be as good as a banker’s draft. You should be guaranteed that you’ll either be able to redeem it or get your money back.”

shares

0 comments

Gary Allen, operations manager,  with Diane Allen and Graham Allen at Ipswich-based Ajax Domestic Spares which is celebratiing 40 years in business.

Ajax Domestic Spares has marked 40 years in business in style by launching a new showroom in Foxhall Road, Ipswich.

The Willis building in Ipswich.

Around 200 people are to lose their jobs at the Ipswich office of global insurance broker and risk management group Willis.

The Great House restaurant with rooms in Lavenham.

An award-winning Suffolk restaurant has gained another accolade after being ranked the 26th best in the country.

Gavin Patterson, chief executive of BT.

Photo: BT

BT is to pay out up to £129million to extend the Government-led roll-out of superfast broadband, after a bigger-than-expected take-up of the service.

Centrica has reignited controversy over high energy bills by announcing a 44% increase in first half profits at its British Gas retail division.

Energy giants Royal Dutch Shell and Centrica today revealed plans to axe a total of more than 12,000 jobs.

Christopher Hayman of Hayman Distillers with his children Miranda and James.

Essex gin maker Hayman Distillers is celebrating after winning a Gold award at this year’s International Wine and Spirits Competition (IWSC).

Bakery chain Greggs saw like-for-like sales rise 5.9% in the six months to July 4.

Higher breakfast sales and a bigger range of healthier products helped Greggs grow underlying profits by 51% in the first half of the year.

Barclays chairman 

John McFarlane.
Photo: VisMedia

Barclays boss John McFarlane today signalled plans to ramp up growth, squeeze costs and streamline the business after announcing a 25% rise in first half profits.

Uncertainty over Government policy is holding back potential investment in the offshore wind sector, according to East of England Energy Zone director James Gray.

The absence of a clear Government stategy is leaving the offshore wind industry “in limbo”, according to a leading figure within the sector in East Anglia.

The rate of growth in the UK economy rebounded during the second quarter of 2015, but the manufacturing sector continued to struggle, according to official figures.

UK growth bounced back in the second quarter of 2015 as gross domestic product (GDP) increased by 0.7%, according to official figures.

Most read

Most commented

Topic pages