SALAN ADVISES HILCO UK
12 Jul, 2011
Speed was key to Salans’ success with Hilco UK
International law firm, Salans, advised retail turnaround and restructuring specialist Hilco UK Limited on its recent acquisition of HMV Canada for £2 million.
HMV Canada operates 121 stores across Canada and has plans to extend its digital platform www.hmvdigital.ca to provide customers with streamed content in addition to the millions of downloadable tracks that are already available.
Jonathan Polin, Partner at Salans, said: “Salans worked with Hilco to turn this transaction around within four weeks. We know how important speed is to the success of this type of acquisition; the opportunity can easily be lost if you’re not fast enough.”
As part of the sale, which was finalised just days before HMV Group delivered its full-year results, Salans helped to ensure that HMV Canada retained the licences to use domain names and other intellectual property rights.
Hilco has secured the support of all HMV Canada’s major suppliers and plans to inject working capital to evolve the business.
Paul McGowan, Hilco UK’s Chief Executive, said: “Our financial and merchandise planning teams will be assisting the existing management to optimise the business and the support of the entire industry shows how important it is to extend the residual market, despite the switch to digital.”