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.
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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.
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