HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd
Together “HMV” or “the Companies” - in administration - update
4 February 2013
The Joint Administrators of HMV can confirm the sale of HMV’s majority shareholding in G-A-Y Group Limited (“G-A-Y”).
Following the sale by HMV of its various music and entertainment venues during 2012, G-A-Y was the only remaining venues business comprising the G-A-Y bars and Heaven nightclubs.
HMV’s shareholding in G-A-Y Group Limited was sold to JJ is G-A-Y Limited, a company owned by Jeremy Joseph, who was the founder of and other shareholder in G-A-Y Group Limited.
Mr Joseph said: ‘HMV made a strategic decision to sell certain businesses which included the sale of their shares in G-A-Y almost a year ago. I am delighted to have acquired 100% ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees.”
Rob Harding, Joint Administrator, commented: “We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser of this stake so shortly after our appointment. This will benefit the creditors of HMV and we wish Mr Joseph the best in the beginning of a new era for G-A-Y.”
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