Businessman Theo Paphitis, star of BBC’s Dragons Den yesterday refused calls to put his hand in his pocket and buy the HMV chain, which went into administration yesterday (January 15).
Paphitis was one of a number of business leaders and entrepreneurs bombarded with Tweets in the wake of the news of HMV’s collapse, reports Metro. Supporters of the music and entertainment retailer reached out to The Apprentice star Lord Sugar, Microsoft founder Bill Gates and even Richard Branson, who founded the long-extinct Virgin Megastore chain, once HMV’s biggest rival.
Fellow Dragons Duncan Bannatyne, Peter Jones and Deborah Meaden were contacted via the social network but it’s Theo Paphitis, who is chairman of high street stationers Ryman, replied: ’No HMV not for me, sadly has no reason to exist any more!’
Paphitis’ comments are at odds with the viewpoint of HMV chief executive Trevor Moore, who today (January 16) told the BBC that HMV was a viable business but was working in a “challenging period”. He said he is “working tirelessly” with administrators to find a solution to the troubled company’s problems.
HMV confirmed that it was going into administration yesterday (15 January). A statement read: “It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries. The Company’s ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.”
Over 4,000 jobs are at risk as administrators Deloitte attempt to seek a buyer for the company and secure a long-term future for the high street retailer, which has around 250 branches nationwide. Branches will no longer accept gift cards/vouchers or issue them.