PCR Tech and IT retail, distribution and vendor news
New York investment group Apollo Global Management could acquire HMV according to reports.
Apollo has already taken on ten per cent (more than £20m) of the High Street brand’s debt from Allied Irish Bank last week – leading to predictions of a full takeover, reports The Telegraph.
Apollo, which many refer to as a ‘vulture fund’ already has almost £70bn of assets under management and a presence on the High Street. Its private equity arm bought jewellers Mappin & Webb last week.
Last week HMV warned that it might not be able to cover its bank loan repayments after slow sales in the run-up to Christmas.
“Whilst I can see many future opportunities it is clear to me that the current market conditions, and in particular the volatility in the Group’s core music, visual and games markets, create uncertainty as to the level of trading results that can be achieved in the year ahead,” wrote HMV’s chief executive, Trevor Moore.
In its most recent set of accounts, HMV revealed a £37.3m first half loss, leading to a 39 per cent fall in its share price.
Want to receive up-to-the-minute tech news straight to your inbox? Then click here to sign up for the completely free PCR Daily Digest and Newsflash email services. You can also follow PCR on Twitter and Facebook
