HMV sells shares in G-A-Y group back to founder Jeremy Joseph

200 jobs secured as the music retailer's share in the entertainment venues and bars returns to founder

HMV sells shares in G-A-Y group back to founder Jeremy Joseph

Photo: PA

HMV has sold its shares in the G-A-Y venue group back to the company's founder Jeremy Joseph.

The music retailer had previously held a majority share in the group, which owns venues and bars including London's Heaven nightclub. G-A-Y was the last live entertainment business owned by HMV after they sold Hammersmith Apollo and the Mama group last year.

Speaking about the sale, which has safeguarded 200 jobs, HMV's joint administrator Rob Harding said: "We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser."

Meanwhile, in a statement posted on Facebook, G-A-Y founder Jeremy Joseph said: "I have completed the deal in buying HMV's shares in G-A-Y and, with the shares I already own, G-A-Y is 100 per cent owned by me. That's the brand, the bars and Heaven. With the team who work at G-A-Y, this is the beginning of a brand new era for G-A-Y."

This comes just a day after reports leaked that the administrators responsible for the restructure of HMV are understood to be announcing plans to close between 60 and 100 stores this week.

According to The Telegraph, administrator Deloitte's plans to restructure the business could result in the loss of 1,500 jobs at the music retailer. The location of the stores set to be closed are yet to be finalised, but the chosen shops will remain open until all their stock has been sold.

HMV went into administration last month, putting over 4,000 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco bought the company's £176 million worth of debt. The company are believed to be in talks with record labels, suppliers and HMV's landlords as part of a plan to keep the retailer afloat in some capacity.

Read More On This Artist

More News
Lil Wayne and Drake hit the road in 'Grindin' video - watch
SBTRKT streams new song 'The Light' featuring Denai Moore - listen
George Ezra covers Cyndi Lauper's 'Girls Just Wanna Have Fun' - watch
Foo Fighters pay tribute to late Gwar frontman Oderus Urungus at crowdfunded gig
James Blake unveils new song on BBC Radio 1 show
David Bowie to release new album 'soon', says producer Tony Visconti
Six Iranians sentenced to prison and lashings for dancing to Pharrell's 'Happy' in...
All We Are announce January 2015 release date for debut album – hear first song now
Yorkshire artists cover Gang Of Four's 'Entertainment!' in special Cassette Store...
Guildford venue The Boileroom saved from closure
Richard Hawley to reissue first three albums on vinyl
Johnny Marr reveals new single 'The Trap'
Flying Lotus reveals new song 'Coronus, The Terminator' – listen
Former member of Tatu says she would 'condemn a gay son' in homophobic TV interview
Manchester orchestra covers Oasis, Sex Pistols and The Smiths – listen
Freddie Mercury and Michael Jackson duet to feature on new Queen album 'Queen Forever'
Paul Weller backs campaign to save Guildford venue The Boileroom
Prince reveals new song 'FUNKNROLL' – listen
Guided By Voices announce split and end 'comeback run' with immediate effect
Gwar replace late frontman Oderus Urungus with new singer Vulvatron
Eminem and Sia unveil lyric video for new track 'Guts Over Fear' – watch
Musicians react as Scottish voters reject independence in historic referendum

More News

Comments

Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
 
Know Your NME
 

 
NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today