Discount club BuyVia in HMV rescue talks

Online discount club BuyVia has revealed it is in talks about a potential rescue of HMV.

The music chain went into administration following a difficult trading period over Christmas. The latest BPI 2018 figures show a continued decline in physical sales, though HMV had been outperforming the market.

Administrators KPMG are working on a potential sale of HMV.

Now BuyVia, which helps users secure discounts for high street shopping, has made an early bid to take over the HMV brand and maintain some of the stores.

A statement from BuyVia revealed it has drafted plans and is in talks with KPMG. The proposed takeover would see BuyVia saving a number of retail stores and using its digital expertise to overhaul HMV’s web store.

HMV has seen strong growth in its online mail order service during 2018.

"HMV has been a major player in the retail entertainment industry for nearly a century," said BuyVia representative Amy Jordan. "While the company has undeniably struggled in recent years, we here at BuyVia feel that plenty of progress can easily be achieved. We are now engaged in talks concerning how some of HMV's most significant retail presences could be saved from closing up shop forever. We also believe that BuyVia is perfectly positioned to turn HMV into a far more competitive and capable online retailer as well."

ERA’s Kim Bayley has spoken about the importance of saving HMV for the biz.

Turnaround specialist Hilco acquired HMV after it first went into administration in 2013.