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Equity firm buys HMV's debt

A Canadian private equity firm has bought the debt of struggling music retailer HMV.

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HMV sell stake in nightclub company

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

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