The £32m sale of HMV’s venue the Hammersmith Apollo has been officially approved.
The venue, which has a capacity of more than 5,000, has been bought by Stage C which is jointly owned by Ansco Music Club – a company within Anschutz Entertainment Group (AEG) – and Getgo Consulting.
The disposal has allowed HMV to amend its existing £220m bank facility with its existing lenders and extended it to September 30 2014. This has been key to securing the retailer’s financial future after several years of difficult trading due to changing market forces.
The transaction was confirmed at the retailer’s annual general meeting yesterday following agreement by the German Federal Cartel Office and the Office of Fair Trading.
HMV is in the process of selling off its Live division, which consists of around 30 venues.
Hammersmith Apollo, which is primarily used for music and comedy performances, generated profit before tax of £1.9m in the nine months to April 30 2011.