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HMV sells Mama for £7.3 million

Entertainment retailer HMV has sold a major part of the Mama Group, the live music business behind the HMV Forum in Kentish Town and the Ritz in Manchester, as it looks to reduce its debt.

GENERAL MERCHANDISE

HMV sells Mama for £7.3 million

Sold for £7.3 million to Juno Newco Limited, a wholly owned subsidiary of Lloyds Development Capital Limited, the sale includes a separately held interest in 50% of the Mean Fiddler Group.

The sale of Mama does not include the sale of G-A-Y Group Limited and Heaven (London), which will be the subject of a separate transaction, discussions for which are ongoing.

HMV said £3.5m of the sum agreed for Mama Group would be deferred for 12 months. The proceeds of sale will be used to reduce the company's debt.

"This sale is a further step in the disposal of the HMV Live Business and follows the disposal earlier this year of the Hammersmith Apollo," the retailer added.

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