The company is no longer interested in rescuing and revamping the struggling retailer, reports buyvia.co.uk.
London, England - January 10, 2019 /MarketersMedia/ —
At the very beginning of 2019, London-based ecommerce startup BuyVia announced their team had drafted plans to rescue struggling entertainment retailer HMV from impending bankruptcy. As of today, these Buyvia talks have ended in large part due to reports of financial mismanagement by the vulture fund that now owns the HMV brand.
“We regret to inform the public that our company has abandoned its plans to rescue and revamp the HMV brand,” said Amy Jordan a representative of BuyVia. “HMV has been a major player in the retail entertainment industry for nearly a century. Because of their established position in the market, we previously felt that progress could have easily been achieved and the BuyVia was in a perfect position to make HMV more competitive in the online arena. The recent reports of financial misconduct by HMV’s owners would not only make this scenario unlikely, but it would mean risking the integrity of the BuyVia brand, something we’re simply not willing to do.”
Reports have recently surfaced that Hilco Capital, the vulture fund that has owned HMV since 2013, has taken almost £50m in fees from the company and has paid no corporation tax in the five years since taking ownership of the brand. While Hilco denies the allegations and blames “retail challenges” for the impending collapse of the company, Labour MP Clive Betts believes that foul play is involved and is currently leading a parliamentary inquiry into the company’s financial crisis.
Jordan went on to say, “While we believe that the HMV brand had great potential for revival, the possibility of fiscal mismanagement makes it impossible for BuyVia to move forward with our original plan. Since this company’s inception, we have operated with a strong sense of honesty and integrity. We will continue to work hard to maintain that reputation as we look for new avenues of expansion in the ecommerce market.”
Visit the Buyvia Blog to stay up to date on the company’s next moves.
BuyVia.co.uk is tech start-up with a real passion for e-commerce and a commitment to using the power of digital tech to hunt down the best possible retail deals. The site is designed to be every customer’s first choice for UK coupons and product discounts that save them up to 50 percent on the things they need and want most. BuyVia.co.uk was set up with one simple aim - to save customers money and bring them superb shopping discounts.
Name: Amy Jordan
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