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Deloitte appointed administrators to HMV Group plc, HMV Music Ltd, HMV UK Ltd and Fopp Entertainments Ltd

15 January 2013

Nick Edwards, Rob Harding and Neville Kahn of Deloitte, the business advisory firm, have today been appointed Joint Administrators to HMV’s UK retail business, the high street retailer of filmed entertainment, games, music and portable digital technology products.

HMV, which is headquartered in London, operates out of 223 stores in high streets and shopping centres across the UK, and has 4,123 employees.

Nick Edwards, Joint Administrator and restructuring services partner at Deloitte, commented: “HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough.

“Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading whilst actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time.”

Certain HMV Group plc subsidiaries including HMV Guernsey Ltd, HMV Hong Kong Ltd, HMV Ireland Ltd, HMV Singapore Ltd and 7Digital Group remain outside of an insolvency process.

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In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities.

Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press. For more information, please visit www.deloitte.co.uk.

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