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Music Zone's MVC buy-out on hold as auditors assess price.(News)
Music Zone's bid to step up into the premier league of music specialist retailing hangs in the balance after former Woolworths-owned chain MVC was thrown into administration.
Before Christmas, Music Zone announced its plans to acquire 40 MVC stores, in a deal that would put it third behind only Virgin and HMV among the UK's biggest specialist music retailers.
But, before the deal was formally completed, administrators were called in at MVC to examine whether the sale represents the best value for MVC creditors.
The appointment of administrators Andrew Pepper, Peter Saville and Gurpal Johal--from the Corporate Advisory And Restructuring Group at multinational finance firm Kroll--was confirmed the day after Music Zone had announced the acquisition of the 40 stores.
A spokeswoman for Kroll says, "Contracts had been exchanged, but the deal was not completed before the administrators were appointed and they are now reviewing the deal. But this isn't to say it won't go through, merely that other options are being considered."
The sale was originally brokered between Music Zone managing director Steve Oliver, who led a 12m [pounds sterling] management buyout of the company in March, and Chris Steel, managing director of adventure capital firm Argyll Partners, who led a 5.5m [pounds sterling] buyout of MVC just five months ago.
If the sale goes through, it would transform Music Zone into a 100-strong chain, taking it into the big league of specialist music retailers behind Virgin and HMV, which boast ...
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