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HMV finalises sale of G-A-Y club

HMV has confirmed the sale of its shareholding in London-based nightclub business, G-A-Y Group, after going into administration in January.

G-A-Y’s founder Jeremy Joseph has absorbed the entirety of the business as the only other stakeholder in the company.

The nightclub owner recently opened a new branch in Manchester, and also owns London club, Heaven and a series of bars under the G-A-Y name.

HMV also sold off its live venues division, MAMA Group, in December last year for a consideration of £7.3m, as well as 50% interest in Mean Fiddler Group.

Mr Joseph commented: “HMV made a strategic decision to sell certain businesses which included the sale of their shares in G-A-Y almost a year ago.

“I am delighted to have acquired 100% ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees.”

Deloitte’s Rob Harding, who was appointed joint administrator, added: “We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser of this stake so shortly after our appointment.

“This will benefit the creditors of HMV and we wish Mr Joseph the best in the beginning of a new era for G-A-Y.”

This was posted in Bdaily's Members' News section by Miranda Dobson .