Thousands of jobs saved following sale of HMV

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More than 2,500 jobs have been secured at entertainment firm HMV following its sale to restructuring specialists Hilco UK.

The move was confirmed last Friday by administrators Deloitte and means 141 stores – including the Banbury branch in Castle Quay shopping centre – and the group’s head office and distribution functions are transferred into the new ownership.

Nick Edwards, joint administrator at Deloitte, said: “We are delighted to have completed the sale of HMV’s UK retail business to Hilco UK. The sale of the reconstructed portfolio secures the employment of 2,643 staff, saves one of the most iconic retail brands and provides a solid financial footing on which the business can be taken forward.

“We wish the Hilco UK and HMV teams every success with the business, and would like to thank all those stakeholders that have worked with us during the administration, but in particular the staff, suppliers and landlords for their support in making this deal possible.”

The HMV UK business will initially be led by a Hilco team led by Ian Topping, formerly chief executive of the Steinhoff Group in the UK, and Henry Foster, investment director at Hilco. Paul McGowan, chief executive of Hilco UK, will take up the role of chairman.

He said: “We have spent a number of weeks negotiating revised terms with landlords and key suppliers to the business, who have been supportive of our plans to maintain an entertainment retailer on the High Street.”