Portsmouth HMV stores are saved as chain is sold

The HMV store in Commercial Road, Portsmouth.  Picture: Sarah Standing (13115-1974)

The HMV store in Commercial Road, Portsmouth. Picture: Sarah Standing (13115-1974)

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HMV’s Portsmouth branches in Commercial Road and Gunwharf Quays have been saved from closure after the music retailer was sold out of administration.

MORE than 2,500 jobs have been secured nationwide after business advisory firm Deloitte confirmed the music and DVD retailer has been sold to restructuring specialists Hilco UK.

Hilco has taken ownership of 141 of HMV’s stores and the group’s head office and distribution facilities.

Nick Edwards, Joint Administrator, thanked the HMV staff, suppliers and landlords and added: ‘We are delighted to have completed the sale of HMV’s UK retail business to Hilco UK. The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world’s most iconic retail brands and provides a solid financial footing on which the business can be taken forward.

‘We wish the Hilco UK and HMV teams every success with the business.’

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