Oakley ponders HMV Live bid
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Peter Dubens' Oakley Capital is among the private equity firms and trade players considering a bid for the live music business of HMV, the troubled entertainment retailer.
HMV put the operator of 13 venues, including London's Hammersmith Apollo, up for sale last month to help pay down its debt pile, which jumped by 8 per cent to £164m at the half-year stage.
Oakley Capital owns Time Out magazine and Headland Media group, but Mr Dubens made his name selling companies such as 365 Media and Pipex Communications.
But the investment bank Citi, which is running the HMV Live sale, has been approached by several other interested parties. The formal sale process is set to begin next month.
HMV Live, which also owns the Lovebox music festival, more than doubled its operating profit to £3.4m over the 26 weeks to 29 October.
HMV acquired the venue owner Mama Group for £60m two years ago but hopes to sell the business for substantially more than this figure.
The group sold its Waterstone's business for £53m in June to the Russian oligarch Alexander Mamut.
HMV made a loss of £45.7m over the 26 weeks to 29 October, following losses of £27.4m last year.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments