Dark clouds gather as HMV calls in vultures
Published 17/01/2013 | 08:00
Sometimes when a firm goes into administration the vultures that are private equity or venture capital start to circle.
For HMV it would appear it's not so much a case of fending off the vultures as finding them, mainly because many have been approached before as the 92-year-old company scrambled to find a way out of its financial difficulties.
Still, analysts reckons there are a few interested buyers lining up although the chances of the chain remaining open in its current bloated format are slim. If little else, any new owner will surely benefit from the goodwill which still exists for the last music retailer on the High Street.
But with 73% of film and music sales in the UK now accounted for by online sales - that's a jump from 6.5% in 2005 - any new owner is going to have to think cloud, not vinyl.