Sports Direct founder Mike Ashley enters bidding process for HMV

21 January 2019, 10:59 | Written by Cerys Kenneally

(News)

It's reported that Sports Direct founder Mike Ashley has placed a rescue bid on HMV.

Last month HMV, one of Britain's leading retailers for music and film, fell into administration for the second time in six years. Paul McGowan, the executive chair of HMV and Hilco, explained the retailer "cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market."

Today, The BBC reports that Mike Ashley, founder of Sports Direct, has place a bid in the hope of rescuing the struggling retailer.

Appointed administrators at KPMG explain they have received "a number of offers on various bases", revealing they "need to evaluate these further over the coming days."

The billionaire retail entrepreneur has previously bought out House of Fraser and Evans Cycles. He currently owns more than 60% of Sports Direct, as well as having stakes in French Connection and Debenhams.

KPMG and Sports Direct declined to comment on the news to the BBC. Although KPMG set a bid deadline for last Tuesday (15 January), there is said to be no deadline for a decision.