Sports Direct boss Mike Ashley reportedly ‘serious’ about HMV takeover


It’s said that he’s wanting to branch out with music and entertainment products

HMV could be saved from administration by Sports Direct boss Mike Ashley, who is reportedly set to purchase the high street music chain.

Joint administrator Will Wright confirmed last week that several offers to take over the company had been received, adding that he would “need to evaluate these further over the coming days”.

With Sports Direct’s Ashley being rumoured to be among those in the running, Sky News now claims that he was “one of a handful of parties to lodge formal offers with KPMG‎ ahead of a deadline on 15 January”.

A source told the publication that Ashley is “serious” about purchasing the company, as he thinks music and other entertainment products could be a valuable addition to his existing high street stores.

Ashley, who has previously got involved with ailing chains such as House Of Fraser and Debenhams, already has significant shares in Game Digital. It’s said that the tycoon could merge the company with HMV if a deal goes through.

It’s not known whether Ashley’s bid has been made through Sports Direct International or a separate corporate vehicle.

Meanwhile, it has also been rumoured that online entertainment giant Amazon had shown interest in HMV.

HMV Retail filed a notice of intention to appoint administrators for the second time in six years last month. In 2017, HMV Canada closed all 102 of its stores in the country after the retailer went into receivership.

The Canadian branch of the music and entertainment retailer – which opened its first shop in 1986 – was sold by HMV to retail restructuring specialist Hilco in 2011.

 



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