HMV rescued by Sunrise Records; BP profits spill over; Ocado losses widen

The deal, headed by entrepreneur Doug Putman, will rescue 100 HMV stores and save nearly 1,500 jobs.

The deal by Doug Putman, the owner of Sunrise Records, means that the majority of the business which collapsed into administration in December for the second time in six years will be rescued. The stores will continue to trade as HMV, with four stores continuing to trade as Fopp.

Sunrise Records will buy out 100 stores, securing 1487 jobs under the new ownership, however the 27 stores to close will result in 455 redundancies, according to the BBC.

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KPMG had been in discussions with Sunrise and Sports Direct owner Mike Ashley with the goal of saving stores and the jobs of approximately 2200 staff. KPMG, which oversaw the process, will retain a further 122 employees at warehouse functions to assist in winding down operations. It is now unknown which stores are closing, with staff being informed first before a public announcement.

Mr Putman said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".

A list of those set to close has not yet been published, but it was business as usual in the Grand Arcade branch on Tuesday morning and this outlet, which only opened in November after a five-year Wigan hiatus, did not appear on a long "at risk" list published when the firm first called in the administrators.

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We hope that Government will play its part in helping to sustain important employers like HMV by reviewing the high levels of business rates that disadvantage physical stores compared to online traders.

Chichester's HMV store has locked its doors today (Tuesday 5) as the company went into administration.

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