HMV sells its G-A-Y shares

Troubled retailer HMV has sold its shares in nightclub chain G-A-Y Limited, administrator Deloitte has confirmed.

G-A-Y founder and fellow shareholder Jeremy Joseph has moved to acquire a majority shareholding.

"We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser of this stake so shortly after our appointment," joint administrator Rob Harding stated.

"This will benefit the creditors of HMV and we wish Mr Joseph the best in the beginning of a new era for G-A-Y."

Joseph added: "HMV made a strategic decision to sell certain businesses which included the sale of their shares in G-A-Y almost a year ago. I am delighted to have acquired 100 per cent ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees."