Hilco swoops in to rescue HMV

HMV

Restructuring specialist Hilco, which already owns HMV Canada, has effectively taken control of the troubled retailer, the BBC is reporting.

According to the report, Hilco has now bought HMV debt’s from the group’s lenders Lloyds and the Royal Back Of Scotland. The report also states that Hilco is believed to have paid a far smaller figure than the £176m of debt believed to be carried by the business.

We reported yesterday that up to 50 suitors were believed to be interested in rescuing the retailer, and that key suppliers in the music, film and games markets were keen to offer HMV favourable terms in order to ensure its presence on the high street.