max temp: 8°C

min temp: 7°C

ESTD 1874 Search

UK: HMV offloads G-A-Y and Heaven venues as store closure speculation grows

11:36 04 February 2013

The administrators of HMV have sold the retail chain

The administrators of HMV have sold the retail chain's last remaining live music venues


AROUND 200 jobs were secured today after HMV’s administrators offloaded the retail group’s last remaining music and entertainment venues.


HMV’s majority shareholding in G-A-Y Group, which comprises a number of bars and Heaven nightclubs, has been sold to the founder and other shareholder in the business, Jeremy Joseph.

The sale comes amid speculation that HMV’s administrator Deloitte could announce the closure of between 60 and 100 HMV music stores this week, resulting in the loss of around 1,500 jobs. According to weekend media reports, HMV will be left with a business of between 120 and 160 shops.

Having sold a number of music and entertainment venues last year, including the Hammersmith Apollo, HMV was left with the G-A-Y bars and Heaven nightclubs.

Mr Joseph said:”HMV made a strategic decision to sell certain businesses, which included the sale of their shares in G-A-Y, almost a year ago.

“I am delighted to have acquired 100% ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees.”

Deloitte joint administrator Rob Harding said: “We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser of this stake so shortly after our appointment.

“This will benefit the creditors of HMV and we wish Mr Joseph the best in the beginning of a new era for G-A-Y.”

HMV went into administration last month, putting more than 4,120 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company’s debt.

It is thought that Hilco has opened negotiations with suppliers and HMV’s landlords as part of a plan to salvage the group.

Hilco reportedly wants to rescue about half of the stores in the UK as it looks to repeat the strategy that has seen it turn around HMV’s Canadian arm, which it bought in 2011.



The Leading Lives team receive their tropy at the Social Enterprise UK Awards in London.

Ipswich-based Leading Lives has been named Health and Social Care Social Enterprise of the Year at the Social Enterprise UK Awards.

The Hot Off The Press premises inTacket Stret, Ipswich, which the company has vacated after 25 years.

A printing company which has operated from the centre of Ipswich for 25 years has relocated – to a purpose-built log cabin in the owner’s garden.

Elaine and Nigel Bowen of Vanguard Communications.

Two businesses which receive support from Suffolk enterprise agency Menta have received Small Business Sunday awards from entrepreneur and former BBC Dragons’ Den star Theo Paphitis.

Wayne Seddon from The Bridge House in London receives his Adnams Pub of the Year award from chief operating officer Karen Hester.

Southwold-based Adnams has named The Bridge House, near London’s Tower Bridge, as its Pub of the Year.

Georgi Rollings, left, and Emma Lawrence of Starfish Accounting.

An Ipswich based provider of online company secretarial software has reached the landmark milestone of having 10,000 users.

Robert Hughes, managing director of Hughes Electrical, and Andy Yallop, store manager, at the company's new branch in Bury St Edmunds.

Hughes Electrical has opened the doors of its new store in Bury St Edmunds following a £200,000 investment which has also created six new jobs, doubling the size of its workforce in the town.

A file picture of the Sanofi factory in Haverhill.

More than 50 jobs are to be axed at the Haverhill site of pharmaceutical group Sanofi.

Barclays has been fined £72m by the Financial Conduct Authority.
Photo: Jonathan Brady/PA Wire

Banking giant Barclays has been fined £72million by the City watchdog for failing to handle potential financial crime risks relating to a £1.88billion transaction for ultra high-net-worth clients.

Ipswich council leader David Ellesmere at the former sugar beet factory site off Sproughton Road.

A new Enterprize Zone involving 10 development sites across East Anglia, with the potential to create 18,500 jobs, was announced by Chancellor George Osborne today.

Natalie Moloney, of Woodbridge events firm Pink Lemonade Productions.

An entrepreneur is up for a fifth business award since her event planning company launched last year.

Most read

Most commented

Topic pages

Local business directory

Our trusted business finder

Property search

e.g. Oxford or NW3
Powered by Zoopla

Digital Edition

Read the East Anglian Daily Times e-edition today E-edition

Great British Life

Great British Life
MyDate24 MyPhotos24