Newcastle United owner Mike Ashley holds talks for possible takeover over HMV, reports say

Newcastle United owner Mike Ashley is in talks for a possible takeover of HMV, according to reports.

Sunday, 20th January 2019, 5:32 pm
Updated Sunday, 20th January 2019, 5:44 pm
Newcastle United owner Mike Ashley. Pic by PA.

Mr Ashley, the owner of clothing company Sports Direct has handed an offer to administrators KPMG for the struggling high street music chain, which has more than 100 stores, Sky News reports.

It comes months after the billionaire saved House of Fraser, the department store chain, from collapse in a £90million deal in August 2018.

KPMG said "a number of offers" have been received for HMV since it went into administration in December, but has declined to reveal the identity of bidders.

Mr Ashley is said to have spoken with music and entertainment industry figures about his possible rescue deal.

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Around 2,200 jobs were put at risk when HMV went into administration.

KPMG gave a deadline of January 15 for offers and said on Wednesday that several were made "on various bases".

Will Wright, a partner at the firm and joint administrator of HMV, said they would "evaluate these further over the coming days".

He added: "We will continue to endeavour to trade all stores while discussions with all the relevant stakeholders continue."

Mr Ashley's recent House of Fraser takeover included all 58 of its UK stores and he vowed to turn it into the "Harrods of the high street".