Sports Direct founder Mike Ashley tables rescue bid for HMV

The Sports Direct founder is in talks to save the music retailer, which went into administration in December.

Yesterday (20 January) it was announced that Mike Ashley, known for establishing Sports Direct, has placed an offer to buy music retailer HMV.

Ashley’s bid comes in the wake of news on 28 December that the retailer was going into administration, putting 2,200 jobs in jeopardy. This is the second time this has occurred in six years, with HMV being bought out by financial investor Hilco Capital in 2013.

In recent years Ashley has purchased a number of struggling retailers, including the department store House of Fraser and Evans Cycles. He also owns a stake in Game Digital, which could be merged with HMV if his bid is accepted.

HMV administrators KPMG set interested investors a deadline of 15 January, and have since received “a number of offers on various bases”. Excluding Mike Ashley, no bidders have been made.