HMV administrators announced they have sold their majority shareholding in entertainment and music venue company, G-A-Y Group.
G-A-Y was the only remaining venue businesses owned by HMV, comprising the G-A-Y bars and Heaven nightclubs.
It was sold to Jeremy Joseph, founder, and other shareholder in the group. Mr Joseph said:
HMV made a strategic decision to sell certain businesses which included the sale of their shares in G-A-Y almost a year ago. I am delighted to have acquired 100% ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees
Following outrage from customers, the administrators running HMV have announced they will honour gift vouchers for the high-street chain.
HMV is not honouring its gift vouchers, leading to an uncertainty that is threatening to change the way Britain gives its gifts.
The boss of HMV said he is confident a solution can be found to keep the brand on the High Street. In what form, however, is less clear.