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Administrators appointed to HMV

Administrators appointed to HMV

Will Wright, Neil Gostelow and David Pike from KPMG UK confirmed as joint administrators to HMV Retail Limited and HMV Ecommerce Limited.

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At a hearing before a high court judge late this evening (28 December 2018), Will Wright, Neil Gostelow and David Pike from KPMG’s Restructuring practice were confirmed as joint administrators to HMV Retail Limited and HMV Ecommerce Limited, the entertainment retailer.  

The company operates 128 stores across the UK including 9 which operate under the Fopp brand, and employs approximately 2000 permanent staff. 

The joint administrators will continue to trade the business as a going concern while they assess options for the business, including exploring the possibility of a sale as a going concern.

HMV was founded in 1921 and over 97 years, has sold a range of products including audio, books, CDs, DVDs, video games, as well as an increasing range of movie, television and music merchandise. 

Will Wright, partner at KPMG and joint administrator, said:“For decades, HMV has been one of the most iconic names on the high street. Whilst we understand that it has continued to outperform the overall market decline in physical music and visual sales, as well as growing a profitable ecommerce business, the company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry. This has been in addition to the ongoing pressures facing many high street retailers, including weakening consumer confidence, rising costs and business rates pressures. 

“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale. Customers with gift cards are advised that the cards will be honoured as usual, while the business continues to trade.”

 

-ENDS-

 

For media enquiries, please contact:

 

KPMG Press Office: 020 7694 8773

 

Katy Broomhead

T: 07824 537963

E: katy.broomhead@kpmg.co.uk     

 

Gill Carson

T: 07768 635843       

E: gill.carson@kpmg.co.uk

 

Christina Bridge

T: 07789 504905

E: christina.bridge@kpmg.co.uk

 

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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