HMV today sold a major chunk of MAMA Group, the live music business behind The Forum in Kentish Town and a string of other venues and festivals including Lovebox and Global Gathering, for just £7.3 million.
Lloyds Development Capital, the private-equity arm of Lloyds Banking Group, which is 41%-owned by taxpayers, is the buyer. MAMA boss Dean James will stay with the group. Debt-laden HMV will use the proceeds to pay off loans.
The sell-off follows HMV’s disposal of Hammersmith Apollo, another key MAMA venue, for £32 million. That means HMV has pocketed £39 million from the sale of MAMA assets so far. HMV originally paid up to £64 million, but has not yet sold all of the live music arm, as it is still looking to sell nightclubs G-A-Y and Heaven.
Lloyds Development investment director Alistair Pendleton said live music is “growing and increasingly important”.
