Mid-tier firms act on HMV rescue deal by Canadian record company
Two firms are advising on the rescue deal
February 05, 2019 at 07:02 AM
2 minute read
Howard Kennedy and Browne Jacobson are advising on HMV's rescue buyout by Canadian record company Sunrise Records & Entertainment Limited.
The deal follows the retail giant's collapse into administration at the end of 2018 and will see Sunrise Records acquire 100 HMV stores across the UK. Some 1,487 employees will transfer as part of the transaction.
A further 27 stores are not part the deal, and will be closed immediately, resulting in 455 redundancies.
Howard Kennedy is advising administrator KPMG, with its team led by corporate partner Jonathan Polin.
Sunrise Records is being advised by Browne Jacobson, with the firm's team led by corporate finance partner Roger Birchall.
Addleshaw Goddard is continuing to advise KPMG on the administration process.
The deal comes as the retail sector continues to struggle, with several high-street stalwarts entering administration as a result of the difficult climate.
KPMG is also currently advising cafe and bakery chain Patisserie Valerie, which also entered administration in January. Listed law firm Gateley is acting for the company.
Restaurants Gaucho steakhouse, Gourmet Burger Kitchen and Byron all filed for CVAs last year.
Other retailers to have announced CVAs in recent months include Homebase, on which Kirkland & Ellis is advising; Mothercare, on which Slaughter and May and Hogan Lovells took key roles; and New Look, which saw Paul Hastings and Sidley Austin advise.
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