HMV administrator Deloitte sells Asian stores to AID Partners Capital

The private equity firm has acquired six stores in Hong Kong, two in Singapore and additional brand rights in China, Macau and Taiwan.

Deloitte said it is continuing to pursue interest from parties in licensing the HMV brand in other Asian countries.

Joint administrator Rob Harding said: “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.”

HMV collapsed into administration last month after fierce competition from online retailers and a severe decline in its core markets.

Restructuring firm Hilco subsequently acquired HMV’s debt, although the retailer remains in administration.

Harding added: “Since the broader HMV group entered administration on January 15, the ongoing support and funding we have received from Hilco, the group’s secured lender, has provided sufficient time to allow this sale to be concluded on a solvent basis.”