Sports Direct boss Mike Ashley in HMV takeover talks

About 2,200 jobs were put at risk when HMV went into administration before Christmas

Move comes months after Mike Ashley saved House of Fraser from collapse in a €102m deal in August 2018. Photograph: PA

Move comes months after Mike Ashley saved House of Fraser from collapse in a €102m deal in August 2018. Photograph: PA

 

Sports Direct boss Mike Ashley is holding talks for a possible takeover of HMV, according to reports.

Mr Ashley has handed an offer to administrators KPMG for the struggling high street music chain, which has more than 100 stores, Sky News reported.

It comes months after he saved House of Fraser, the department store chain, from collapse in a £90 million (€102 million) deal in August 2018.

KPMG said “a number of offers” have been received for HMV since it went into administration in December, but has declined to reveal the identity of bidders.

Administration

Mr Ashley is said to have spoken with music and entertainment industry figures about his possible rescue deal.

About 2,200 jobs were put at risk when HMV went into administration.

KPMG gave a deadline of January 15th for offers and said on Wednesday that several were made “on various bases”.

Will Wright, a joint administrator of HMV, said they would “evaluate these further over the coming days”.

He added: “We will continue to endeavour to trade all stores while discussions with all the relevant stakeholders continue.”

Mr Ashley’s recent House of Fraser takeover included all 58 of its UK stores and he vowed to turn it into the “Harrods of the high street”. – PA