Business

HMV administrators sell Asia shops

  • 28 February 2013
  • From the section Business
HMV shop in Hong Kong
Image caption HMV has six shops in Hong Kong and two in Singapore

The administrators of HMV, Deloitte, have sold its business in Asia to private equity firm Aid Partners.

Aid has bought HMV's six shops in Hong Kong, two shops in Singapore and branding rights in China, Macau and Taiwan, the administrators said.

No details have been given of how much Aid has paid for the business, which generates annual sales of more than 300m Hong Kong dollars ($39m; £25m).

Aid Partners is a Hong Kong-based firm that specialises in investing in China.

"We are delighted to have completed the sale of HMV's Asian business and wish Aid Partners and the HMV Asia team every success for the future in developing this iconic brand further," said joint administrator Rob Harding.

HMV went into administration on 15 January.

It has so far announced the closure of 103 of its 219 shops in the UK.

The administrators say they are hoping to keep a smaller, restructured group operating as a going concern.

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