HMV’s administrator hopes to sell stores before March rent bill

Marion Dakers
THE ADMINISTRATOR for HMV is hopeful that a deal to sell the firm can be struck within weeks, ahead of a rent bill due at the end of the month, according to a source familiar with the situation.

Deloitte remains in talks with debt holder Hilco about a possible rescue, while Asda is believed to be looking at making an offer.

A source said yesterday that no more than five parties were involved in the process, down from over 50 that made initial expressions of interest.

HMV fell into administration in January, and Deloitte has closed around 100 of the 92-year-old music retailer’s shops as it seeks a buyer for the remaining estate of 116 sites.

Rival supermarket Morrisons bought a handful of HMV stores last month, but Asda is reportedly keen to keep the outlets under the HMV brand if it were to make a bid.

A spokesperson for Asda yesterday said the firm had a policy to not discuss “market rumour and speculation”, while Deloitte also declined to comment.