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HMV in administration - update

21 January 2013

HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd (together “HMV” or “the Companies”) – in administration - Update

The Joint Administrators to HMV today confirm that gift cards can be redeemed in stores from Tuesday 22 January.  Additionally, the Joint Administrators confirm that proceeds raised by HMV through the sale of charity releases (including the Hillsborough Justice Collective single) will be paid in full as soon as possible.

Nick Edwards, Joint Administrator, commented: “The ability of Administrators to honour gift vouchers will depend on the specific circumstances of each case.  Since our appointment as Joint Administrators on Tuesday afternoon, we have been urgently assessing the Companies’ financial position.  I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards.  I can also confirm that all money raised by HMV for various charities will be paid in full.  We recognise that both of these matters have caused concern for individuals and organisations affected and are pleased to have reached a positive outcome.

“We will continue to assess the longer term options for the business whilst continuing to trade.  I am hopeful this process will result in the business continuing as a going concern.”

Nick Edwards, Rob Harding and Neville Kahn were appointed Joint Administrators to HMV on 15 January 2013.

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