Keystone Law has advised new client HMV, on a property transaction that returns HMV to its original store at 363 Oxford Street. The deal reached completion on Monday 19 August and the store is due to open in early October 2013; re-establishing the brand in its first flagship shop.
Iconic entertainment retailer HMV opened its first shop at 363 Oxford Street in July 1921 and has since played a pivotal role in the shaping of the UK music industry. The successful completion of the property transaction is a significant development for HMV and its owners, Hilco Capital, which acquired HMV from administrators in April 2013.
Hilco Capital is a world leading restructuring specialist and a new client for Keystone. Hilco has been involved in some of the most notable retail turnaround projects in the UK and Europe including for other well-known high street names such as Denby and Habitat. It also owns HMV Canada.
Hilco Capital acquired the flagship HMV store from Footlocker which was advised by Jane Weaver at Walker Morris.
Nick Ellis, Consultant Solicitor at Keystone Law who advised HMV, said:“I am delighted to continue my relationship with Hilco Capital, especially on such an interesting and high profile transaction. It is great to have played a small part in returning HMV to its former glory at its original store on 363 Oxford Street. The transaction presented some challenges and a tight timeline. Now, under the ownership of Hilco Capital, I am sure we will see HMV strengthen its brand. I very much look forward to continuing our relationship with Hilco in the future.”