HMV finalises sale of Hammersmith Apollo
HMV Group, the music and entertainment retailer, has completed the sale of Hammersmith Apollo following clearance by the German Federal Cartel Office and the Office of Fair Trading.
HMV Group, the music and entertainment retailer, has completed the sale of Hammersmith Apollo following clearance by the German Federal Cartel Office and the Office of Fair Trading.
The company announced on May 31st that it would sell the business to STAGE C for a total consideration of £32m.
HMV believes the sale will allow it to focus more closely on HMV's strategy for its core business, developing its retail offering and strengthening its capital structure with a view to maximising value for stakeholders.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement made in May, Simon Fox, Chief Executive of HMV Group at the time, said: "The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years. However the sale will enable HMV to extend its bank facilities, strengthen its capital structure and ensure a strong future for the group."
The share price rose 7.88% to 3.90p by 09:04.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
‘I installed a heat pump in my home – here are five things I’ve learnt’
From the size and noise of a heat pump to how much it costs to run one, Ruth Emery reveals what she’s learnt after installing one in her home six months ago
-
3 ways to work out if a stock is good value
The only thing you can really control in investing is the price you pay for an asset – but how can you tell if you’re getting a good deal when it comes to the price of a stock?