As HMV-owner Hilco buys Irish DVD rental chain Xtravision out of receivership, Retail Week takes a look at the retailer.
- Xtravision is a major retail brand in Ireland, operating 130 stores in the country. Until April this year it had 152 stores
- It sells music, mobile phone accessories, electricals and confectionery but it is primarily a rental firm for DVDs and games.
- The company was founded in 1979 by Richard Murphy but he sold his shares to Cambridge Group in 1990.
- Xtra-vision is chaired by financier Peter O’Grady Walshe.
- Xtra-vision generated EBITDA of £1.5m in 2012.
- The retailer fell into receivership in early May following the withdrawal of its credit insurance.
- Xtra-vision was hit by illegal downloading. The retailer said the declining movie rental business was most noticeable in areas where high speed broadband which is linked to high levels of illegal downloads.
- The DVD rental chain fell into examinership in April 2011. It emerged after parent Birchall Investments made an €8m investment. Birchall itself bought Xtra-vision out of examinership in 2009 for €20m.