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3 Dec 2012 11:55
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HMV GROUP PLC
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3 December 2012
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Sale of MAMA Group Limited
HMV Group plc today announces the sale of MAMA Group Limited and its subsidiaries and its separately held interest in 50% of Mean Fiddler Group Limited ("MAMA") to Juno Newco Limited, a wholly owned subsidiary of Lloyds Development Capital Limited. The sale of MAMA does not include the sale of G-A-Y Group Limited and Heaven (London) Limited, which will be the subject of a separate transaction, discussions for which are ongoing.
The net cash consideration for the sale of MAMA is Β£7.3m of which Β£3.5m will be deferred for 12months. 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.
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Enquiries:
Brunswick: Mike Smith 020 7404 5959
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