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HMV: 50 parties interested, including GAME

Tim Ingham
HMV: 50 parties interested, including GAME

It found itself in administration just last year, but now video games retailer GAME has stepped forward as one of 50 parties interested in buying HMV assets from Deloitte.

HMV was itself plunged into administration on Monday, which some predicted would mean the end of the 92-year-old High Street retailer.

However, according to the FT, Deloitte has already received around '50 expressions of interest' in a possible sale.

Many in the music industry believe that a slimmed-down HMV across the country - perhaps without its costly larger High Street stores - could become a profitable concern.

Martyn Gibbs, chief executive of GAME, confirmed that the chain's management had approached Deloitte, but would not confirm the number of stores which it was interested in. FT sources suggest the group could be interested in buying up the premises of 40-50 outlets.

“We will constantly review our property portfolio based on what is available,” Gibbs told the FT. “I would not rule out any stores becoming available, be that through an administration or normal property deals.”

He said GAME's sales over the Christmas trading period were ahead of expectations, and was confident it could deliver its target of £20m of earnings before interest, tax, depreciation and amortisation by its year-end in July.

GAME Group fell into administration in 2012, but 300 UK stores were salvaged by new owner OpCapita.

Source: Financial Times

 

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Tags: HMV, GAMe

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