Offers on the table for HMV, say administrators

Rescue offers have been made for beleaguered retailer HMV, its administrators confirmed today.

Big Four accountancy firm KPMG, which had set a deadline of Tuesday this week for interested parties, said today that several offers have been put on the table for the 97-year-old chain.

However, the identity of the bidders is not yet known.

Will Wright, partner at KPMG and joint administrator of HMV, commented: “Since our appointment as joint administrators, we have received significant support from key stakeholders, including employees, suppliers and creditors, as we have endeavoured to trade the HMV business. We’d like to thank everyone for their support during this time, in what remain challenging circumstances.”

He added: “We can confirm that a number of offers on various bases have been received, and we now need to evaluate these further over the coming days. Given the commercially sensitive nature of this process, we will not be providing further detail at this time. We will continue to endeavour to trade all stores while discussions with all the relevant stakeholders continue.”

The latest twist comes after the music retailer, which sells a third of all physical music in the UK, called in KPMG as administrators last month.

Owners Hilco, which took the company out of its first administration in 2013, blamed a “tsunami” of retail challenges.