BuyVia abandons HMV bid amid industry confusion

BuyVia abandons HMV bid amid industry confusion

Mystery surrounds the attempt by retail deals website BuyVia to acquire HMV, which has now been pulled.

BuyVia had stepped up as a potential saviour and just days ago claimed that talks had concluded and an announcement was imminent.

However, music industry sources were bemused by the company’s attempt to acquire the music retail chain.

Administrator KPMG confirmed earlier this week that it has received “a number of expressions of interest in the HMV business” but that it had not been in contact with BuyVia.

BuyVia has now issued a statement that claims it pulled out of any deal because of concerns about Hilco’s ownership.

“We regret to inform the public that our company has abandoned its plans to rescue and revamp the HMV brand,” said Amy Jordan, a representative of BuyVia. “HMV has been a major player in the retail entertainment industry for nearly a century. Because of their established position in the market, we previously felt that progress could have easily been achieved and the BuyVia was in a perfect position to make HMV more competitive in the online arena.”

On Twitter, Hilco executive chairman Paul McGowan accused BuyVia of "using a difficult situation to promote their brand in the UK" and claimed the firm "never made a bid, never in negotiation, never close to buying, never 'pulled out' as never in to begin with".

To read Music Week's take on why the industry needs to save HMV, click here

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