By using this website you agree to our use of cookies. Read our cookie policy.


Founded in 1921, HMV is the UK’s original and last remaining nationwide, specialist retailer of audio and visual entertainment products. The business had been facing increasing pressure and declining performance for a number of years. The impact of widespread price deflation, combined with increased competition from large, non-specialist retailers was compounded by rising property costs and the growth of digital entertainment.

HMV entered administration in January 2013. Hilco Capital purchased the group’s debt and acted as agents to the Administrator to ensure the stores continued to trade. Hilco then acquired the business in a £50m transaction in April 2013.

HMV Logo
HMV Image

Hilco Capital’s role

  • Provided £25m working capital facility
  • Provided operational and financial turnaround support to the Board
  • Hilco Property managed landlord negotiations and the rightsizing of the store portfolio including relocations
  • Replaced low margin, cash intensive phones and tablets with high margin t-shirts and merchandise
  • Managed the relaying and remerchandiisng of the stores
  • Refocused marketing strategy and promotional plan
  • Conducted cost efficiency project, including supplier negotiations and the introduction of new vendors
  • Provided funding and resources to relaunch and the purehmv loyalty programme


  • Over 2,300 jobs saved
  • Central overheads reduced by over £25m p.a.
  • New stores opened to achieve optimal nationwide portfolio of 130 stores
  • Returned to profitability within the first year out of administration
  • Increased market share every subsequent year
  • Doubled the number of in-store celebrity events to over 300 per annum
  • Restored and enhanced brand equity
  • purehmv increased to 2.5m members and growing by 1,800 new members every week
  • Received TRI ‘Turnaround of the Decade’ award
HMV Image