Bullish independent music retailer Music Zone is poised for a new wave of expansion. The Stockport, England-based firm has approached retailer Woolworths Group to buy its music and video chain MVC and
Bullish independent music retailer Music Zone is poised for a new wave of expansion. The Stockport, England-based firm has approached retailer Woolworths Group to buy its music and video chain MVC and is close to completing the acquisition of Caroline Music, which would give it a retail presence in Northern Ireland.
Woolworths announced March 23 that it would close 14 of its loss-making MVC stores and put the remaining 67 outlets on the block. Music Zone has since stepped in as a potential suitor for those British sites. “They are in talks,” a spokesperson confirms to Billboard.biz.
Separately, Music Zone is close to completing its acquisition of Lisburn, Northern Ireland-based Caroline Music from its owners the Solomon family.
Music Zone operations director Walter Gleeson has been working closely with the family to broker the deal. Gleeson will manage the operational transition of the chain, which has outlets in seven locations and employs 30 staff.
"Northern Ireland is a very important retail territory for us and the acquisition of Caroline Music fits in perfectly with our plans to grow the business," says Music Zone's managing director Steve Oliver.
A spokesperson says that deal is likely to be completed within two weeks.
Music Zone currently has 54 stores in Britain. It was the subject of a £12 million ($22 million) management buyout in March, led by Oliver. At the time, Oliver confirmed plans to enlarge the chain to 100 stores and double annual sales to £150 million ($271 million).