Canadian music mogul Putman in rescue bid talks for HMV

Canadian music mogul Putman in rescue bid talks for HMV

The owner of Canadian music business Sunrise Records, Doug Putman, is in rescue bid talks for HMV. 

If successful, HMV will be the latest part of the music mogul’s empire, and two-thirds of the chain’s 125 UK stores could be rescued. 

Administrators from KPMG were appointed over Christmas to help the firm, which employs approximately 2,000 permanent staff, find a buyer or wind up the business with interested parties given until Tuesday 15th January to submit their bids. 

Putman’s bid comes after Sports Direct founder Mike Ashley held talks with HMV’s suppliers about a rescue deal earlier this month. But it is understood Putman, who bought HMV’s Canadian business in 2017 and has been president of Sunrise Records since 2014, is now in pole position to save the firm. 

KPMG confirmed a “number of offers” were made to buy HMV, which employs approximately 2,000 permanent staff. HMV’s current management has also put forward a proposal, meaning there are three bidders for the chain. 

The bids come after KPMG told The Bookseller administrators are in “ongoing” talks with book suppliers to HMV with book sales representing approximately 2% of HMV’s £254m revenues in the year to date.