This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

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.

- Ends -

Note to editors:

About Deloitte
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. 

Member of Deloitte Touche Tohmatsu Limited

Contacts

Name:
Deloitte Press Office
Company:
Deloitte LLP
Job Title:
Phone:
020 7303 5054
Email
jigoe@deloitte.co.uk
Follow:
Get in touch

More on Deloitte