Stricken music chain HMV has been rescued, in a reported £50m deal that means a happy ending for the Truro store.

In a move that could save thousands of jobs, restructuring expert Hilco has bought 132 HMV-branded stores, including 25 previously been slated for closure.

The Truro store is on the list of outlets saved from the axe.

HMV collapsed in January after being hard hit by changes in music buying and the rise of online retailers and downloads.

Hilco completed the acquisition of the business and certain assets of HMV today, from administrators, Deloitte, with the potential to save 2,500 jobs.


Paul McGowan, CEO of Hilco, said: “We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street.”

“We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly. The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.”

Hilco bought HMV's Canadian business in 2011.

Hilco aims to "use some of the developments already progressed in Canada to restore HMV to health", and will reverse the earlier decisions to sell tablets and other devices in the stores and to "reclaim the space for an enhanced music and visual range.”

Ian Topping, who will lead the Hilco team, said: “The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that.”