Woolworths snaps up music outlet MVC

Woolworths has absorbed its entertainment business MVC in an effort to deliver synergies and consolidate its position as a leader in music retail.

The variety store group is to close MVC's Harrow head office and move staff to Woolworths' central London HQ. The five-strong senior management team at MVC has left.

Woolworths chief executive Trevor Bish-Jones said: 'By combining the functions we can be seen as a one-stop shop for the mass-music market.'

The change will save Woolworths£1.3 million a year. Bish-Jones said that as well as focusing on entertainment, Woolworths is also improving areas such as homewares.

Woolworths posted pre-tax and exceptionals profit up 94 per cent to£49.8 million on sales of£2.15 billion.

Group like-for-like sales were down 0.2 per cent, while the main chain was down 0.4 per cent. Sales at the category killer Big W chain were up 3.1 per cent.