Partner Article

HMV sells MAMA Group for £7.3m

Music and electronics retailer HMV announced the sale of its music division to Juno Newco Ltd for a net cash consideration of £7.3m.

HMV said on Monday it had sold MAMA Group Ltd and its subsidiaries, as well as its 50% interest in Mean Fiddler Group Ltd.

Juno Newco, which has registered offices in the same building as MAMA Group, will receive part of the cash consideration this week, while £3.5m will be deferred for a year.

MAMA owns popular music venues around the UK, including The Ritz in Manchester and the HMV Forum in Kentish Town, London.

Monday’s deal did not include the sale of G-A-Y Group or Heaven Ltd, both of which are still involved in ongoing discussions between HMV and interested parties.

HMV said the transaction with Juno Newco was part of the ongoing process of selling off its live music unit, following the sale of the Hammersmith Apollo for £32m earlier this year.

This was posted in Bdaily's Members' News section by Miranda Dobson .