Mike Ashley in talks to buy iconic music retailer HMV

Mike Ashley in talks to buy iconic music retailer HMV

Sports Direct founder and owner of Newcastle United Football club Mike Ashley is reportedly in talks to buy iconic music chain HMV.

The news comes after Far Out reported that HMV, the music retailer which has dominated the UK retail scene for a number of years, could be saved from administration.

The company, which as 128 stores nationwide, could lose see in excess of 2,200 jobs at risk after they appointed administrators at KPMG following a hugely disappointing Christmas in sales.

Having been rescued by restructuring firm Hilco in 2013 following its first collapse and Paul McGowan, the executive of HMV and Hilco has put the blame on the decline of the CD and DVD market as the cause. Administrator Will Wright has confirmed that several offers have been tabled to buyout the company as the deadline passed and, it is believed that Ashley is one of the unnamed offers.

Two years ago a string of British MPs launched an attack on Ashley’s business, accusing him of running Sports Direct like a “Victorian workhouse” amid tough working conditions. Ashley, who has also been heavily criticised for his ownership of Newcastle United, recently purchased House of Fraser department store chain and Evans Cycles.

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