Specialist restructuring firm Hilco has agreed to save HMV, the iconic music retailer, in a £50 million deal that will rescue 2,500 jobs. HMV, which has a UK base in Marlow, went into administration in January with Deloitte handing the process of finding a buyer for the beleaguered business. Hilco, which already owns HMV Canada, has acquired 132 HMV stores in the UK. It aims to replicate the success it has had with the Canadian stores which are said to be trading strongly after being acquired some two years ago.
Music labels, musicians and film studios were all anxious that the HMV brand remained on the high street. HMV was founded in 1921 and prior to falling into administration had 230 stores in the UK.
The group's head office is in Spittal Street, Marlow. Eight jobs were axed there shortly after administrators were appointed.
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