Overcast

Overcast

max temp: 10°C

min temp: 4°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

Archant

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

shares

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.

shares

0 comments

Billy Sharp celebrates his winner against Ipswich at Elland Road last night

Leeds v Ipswich: Daryl Murphy’s saved penalty proved crucial as Ipswich Town suffered a 2-1 defeat to Leeds United, at Elland Road, on Wednesday night.

Snape Maltings

Snape Maltings, which rose from the ashes after a fire in the 1960s to become one of the world’s top concert destinations, has been sold.

The Legal & General office in Friars Bridge Road, Ipswich.

The first phase of around 140 job losses at the Ipswich office of insurance giant Legal & General will take effect from the end of this week, the group has confirmed.

Mick McCarthy looks unhappy after Leeds' winning goal

Leeds v Ipswich: Ipswich Town manager Mick McCarthy could not hide his disappointment and frustration following tonight’s 2-1 defeat at Leeds United.

Chris Wood closes down at Leeds last night

Leeds v Ipswich: The Blues missed the chance to move back into the Championship’s top six, losing 2-1 at Leeds United on Wednesday evening.

Craig D'Cunha, the new principal at Suffolk New Academy.

The new headteacher of an under fire Ipswich school has told parents there will be “no quick fixes” as he aims to make the academy outstanding in three years.

The charity Wiggle-A-Thon at East Bergholt Sports Centre raising money for Age UK.

A group of well-dressed movers and shakers raised over £1,600 for Age UK Suffolk during this year’s Wiggle-a-thon.

Emergency services at the scene of an accident on the A134 at Fornham.

A driver has been taken to hospital in a critical condition with “head and crush injuries” after serious crash in west Suffolk.

Keira Dixon has her new glasses fitted by Wardale Williams branch manager Mark Thompson.

A 17-year-old girl with a brain tumour has launched an awareness and fundraising campaign to help others.

The Old Deanery care  home, Bocking near Braintree

Improvements have been made at a mid-Essex care home which saw former staff charged with assault following undercover filming.

Most read

Most commented

Topic pages