HMV, the troubled entertainment retailer, yesterday sold off a further chunk of its live music business for £7.3m to help slash debts, and said more disposals would follow.
The group confirmed that LDC, the private-equity arm of Lloyds Banking Group, has bought out the Mama Group, which owns some of the UK’s best known live venues including the Jazz Cafe as well as festivals including Lovebox and Global Gathering. Mama boss Dean James will stay on at the group.
HMV said the sale to LDC included its 50 per cent stake in promoter Mean Fiddler. It is still looking to sell the remaining parts of its live business, the G-A-Y and Heaven clubs, it added.
The deal follows the disposal of Mama’s Hammersmith Apollo venue in May for £32m, bringing total disposals up to £39m. HMV paid £46m for Mama in 2010.