HMV administrators sell Asia shops

HMV shop in Hong Kong 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.

More on This Story

Music Retailing

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features & Analysis

Elsewhere on the BBC

  • MoviesWhat to watch

    BBC Culture picks eight top movies coming out in September

Programmes

  • Man dancingClick Watch

    Searching for the DNA of dance music – the quest to find the perfect party anthem

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.