HMV to Sell Two Manchester Music Venues
10 Aug 2012
Music and electronics retailer HMV said this week that it is considering selling two live music venues in Manchester city centre.
HMV told the Manchester Evening News that it was in “preliminary discussions” over the sale of the Ritz and the GAY nightclub, after already concluding a deal to divest itself of London’s Hammersmith Apollo, which is being snapped up by US entertainment giant AEG. The move is part of its decision to get rid of its HMV Live arm.
It has been rumoured that AEG could be seeking the two Manchester city centre venues as well, although both the US group and HMV have remained tightlipped. All HMV would say is that “the strategic review of the remaining Live business is ongoing and the
Company is currently in preliminary discussions regarding potential options for its disposal.”
City centre estate agents will be watching developments with interest.
HMV is expecting to post profits of at least £10 million this year from sales of gadgets such as iPads, the new Google Nexus tablet and wireless headphones – as well as its traditional sales of DVDs and CDs.