Music Zone is buying 40 stores from its rival MVC, the British independent music retailer said today (Dec. 20). Financial details of the transaction, struck with MVC's new owners Argyll Partners, have
British independent record retailer Music Zone is buying 40 stores from its rival MVC, it said today (Dec. 20). Financial details of the transaction, struck with MVC's owners Argyll Partners, have not been disclosed.
Following the deal, Music Zone will boast a network of about 100 outlets, a benchmark its owners were aiming towards. In a statement issued today, Music Zone said the majority of the acquired stores were in the south of England, complementing its exiting portfolio in the north.
Stockport, south England-based Music Zone will rebrand each store on a rolling basis in the New Year. A spokesman said staff cuts had not been discussed.
British retail giant Woolworths Group disposed of its 67-chain music and DVD specialist chain MVC on Aug. 1. Argyll Partners, comprising a group of retail investment specialists, bought the chain for £5.5 million ($9.6 million) in total.
Music Zone itself changed hands earlier this year in a management buyout led by managing director Steve Oliver. The bullish new owners subsequently said they were "gearing up for a major assault on U.K. high streets" over the next three years. At the time, Oliver said plans were to expand the chain from 54 to 100 outlets.