Apollo Global Management is reportedly not planning to takeover HMV, after the private equity firm took on a percentage of HMV’s debt from Allied Irish Bank.
Last night, the struggling retailer finally went bust and is seeking a purchaser for the business. But, despite speculation, that Apollo was preparing a takeover of the firm earlier this month, a Reuters source says that is not the case.
Apollo was also reported to have bought 10% (more than £20m) of HMV’s debt, but the same source said the figure is closer to 6%.
HMV’s underlying net debt grew to £176.1m (2011: £163.7m) in the six months to the end of October 2012. The chain employs around 4,000 workers and has 230 stores around the UK.