Feb 25, 2019

Sunrise Records paid £883,000 for HMV

Sunrise Records paid a total of £883,000 to acquire the business and assets of HMV, which entered administration with obligations to trade creditors of over £53m, documents show. The first statutory report prepared by KPMG, which was appointed administrator to the entertainment retailer in December, showed that most of the Sunrise consideration was for stock and cash in the business. Sunrise will pay over £300,000 a week until July for the right to occupy HMV's stores and its London headquarters. In the year to December 2017, the last for which accounts are published, HMV paid £7m to entities owned by Hilco for property, procurement and licensing services. The US firm originally acquired HMV out of administration in 2013.

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