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HMV Asia sold to private equity firm

RHIAN JONES
HMV

HMV administrators Deloitte have sold the retailer’s business in Asia to Hong Kong-based private equity firm Aid Partners.

The firm has bought HMV's six shops in Hong Kong, two shops in Singapore and branding rights in China, Macau and Taiwan.The Asia HMV business generates annual sales of more than 300m Hong Kong dollars ($39m; £25m).

AID focuses its investment in Greater China. The firm currently manages a multi million US dollar commitment which invests in growth equity and expansion capital in entertainment, technology, retail and consumption sectors.

"We are delighted to have completed the sale of HMV's Asian business and wish Aid Partners and the HMV Asia team every success for the future in developing this iconic brand further," said joint administrator Rob Harding.

Over in the UK, retail restructuring group Hilco is reportedly in talks with Deloitte to secure a deal which will save some of the High Street retailers remaining stores.

Source: BBC

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Tags: HMV, Hilco, deloitte

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