March 4, 2013 11:50

HMV owed £20m to taxman at time of collapse

Retailers also owed £109m to bankers, reveal new figures

Photo: PA

HMV owed £20m in unpaid taxes at the time of its collapse, according to reports.

This Is Money claim that a picture of the high street music retailer's books at the time of its demise also showed that it owed money to various other sources, too, including £109m to bankers to the group such as Royal Bank Of Scotland.

In particular, documents filed with Companies House showed that one of the main trading companies, HMV Music Limited, owed £53.3m to other creditors.

Last week (February 27), supermarket chain Morrisons bought six HMV stores from the company's administrators Deloitte to turn into branches of its Morrisons M convenience stores this summer. The sale marked the first properties HMV has sold to be taken over by another chain.

Previously, meanwhile, administrators of HMV announced that an additional 37 stores will close, resulting in the loss of 464 jobs. These include all four Heathrow airport sites. Meanwhile, the retailer is being forced to shut all of its Irish branches - which will result in 300 jobs lost.

The total number of job losses at HMV is now coming up to 1,500, and the number of stores marked for closure stands at 103.

The world's greatest music magazine is now available as a digital edition! For exclusive content you won't find on NME.COM, download here on your iPad/iPhone and here on your Kindle Fire or Nook.

Share on Facebook