Oakley Capital plots bid for HMV's live music arm

Dubens, one of Britain’s most successful technology investors who was behind 365 Media Group, which was sold to BSkyB, is poised to lodge an offer on HMV Live in the coming weeks according to Sky News.

HMV revealed it is considering selling its live music division, its most profitable operation, in December when it posted a loss for its first half.

The struggling retailer recorded a loss from continuing operations, before tax and exceptionals, of £36.4m in the 26 weeks to October 29, versus £27.4m in the comparable period last year.

HMV Live more than doubled operating profit to £3.4m over the period.

The retailer runs 13 venues including the Hammersmith Apollo and a number of festivals, including Lovebox and Global Gathering.

The boss of HMV Live Dean James is plotting a management buyout, The Sunday Times reported last month, and it is conceivable that Oakley would provide the financial backing.

City analysts believe HMV Live is likely to be worth between £60m and £120m.

Citi, which is handling the process on behalf of HMV, and Oakley declined to comment to Sky News.