Sports Direct boss in rescue bid talks for HMV

Sports Direct boss in rescue bid talks for HMV

Sports Direct founder Mike Ashley has placed a bid to buy HMV, after the music and film retailer collapsed into administration last month. 

Ashley is understood to have held talks with HMV’s suppliers about a rescue deal, according to the Guardian

If Ashley’s bid is successful, HMV will be the latest part of the tycoon’s high street empire which includes House of Fraser and Evans Cycles, both businesses were bought out of administration. 

Administrators KPMG declined to comment on the reports. Last week KPMG confirmed a “number of offers” were made to buy HMV, which employs approximately 2,000 permanent staff. 

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.

The Bookseller has contacted Sports Direct for comment.