HMV saved? HMV Canada owner buys debt and seeks 'full control'

HMV saved? Restructuring firm buys debt and seeks full control
According to reports, Hilco will seek now full control of HMV

Troubled entertainment retailer HMV has been thrown a lifeline after restructuring firm Hilco bought up the company's crippling debt.

The high street giant, which collapsed last week, has continued to trade with all stores remaining open, while administrators Deloitte searched for a suitable buyer.

Now Hilco, which also owns HMV Canada, has acquired the firm's estimated £176m debt (reportedly at a reduced price) from Royal Bank of Scotland and Lloyds HSB.

Talks are now ongoing with Deloitte and, according to reports form the BBC, Hilco will seek to take full control of the 92-year-old firm and embark on the road back to prominence.

Determine future options

In a statement, Hilco announced: "Hilco UK confirms that it has acquired HMV's debt from the group's lenders. It has not bought the business itself.

"Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as administrators, are reviewing the business to determine future options."

The BBC also reports that the group of record labels and movie studios, who refused to bail out HMV in the first place, are in favour of Hilco taking control.

We'll be following this one closely. As of right now, it looks as if HMV may not be disappearing from our high streets after all.

However, whether Hilco can find a way to compete with the supermarkets and digital retailers is a different matter altogether.


Chris Smith

A technology journalist, writer and videographer of many magazines and websites including T3, Gadget Magazine and He specializes in applications for smartphones, tablets and handheld devices, with bylines also at The Guardian, WIRED, Trusted Reviews and Wareable. Chris is also the podcast host for The Liverpool Way. As well as tech and football, Chris is a pop-punk fan and enjoys the art of wrasslin'.