Blackrock man at heart of HMV deal

Blackrock man at heart of HMV deal
A BLACKROCK man is one of the key players in the takeover of HMV following the companies closure earlier in the year.

A BLACKROCK man is one of the key players in the takeover of HMV following the companies closure earlier in the year.

Paul McGowan, who recently moved to Ardee from Blackrock, is chief executive of Hilco UK, the company that bought HMV last month.

It now howover seems, that despite initial hopes that stores in Ireland would be saved, that Hilco may not be reopening HMV’s Irish stores.

On the 5 April in a statment Hilco said regarding the Irish stores, that it “has also confirmed that it is in negotiations with a number of landlords with a view to re-establishing an HMV business in the Republic of Ireland after Receivers there closed the business shortly after their appointment.”

Yet the likelihood of one of those stores being the Dundalk outlet look slim.

The Democrat contacted Hilco relating to the Dundalk store but did not receive a reply before going to print.

McGowan is a founding partner of Hilco UK.

Having qualified as a Chartered Accountant in Northern Ireland, Paul took up the post of Finance and Operations Director at Jacqmar plc in London before moving on to Leslie Fay (UK). Paul managed all aspects of finance, administration, supply chain and retail operations in these fashion businesses before becoming Chief Executive at Leslie Fay. He set up Hilco UK in 2000 in a joint venture with Hilco Trading Co. Inc. of Chicago.

Hilco Group is a global leader in distressed retail investment and advisory services.

Previously on the takeover Mr McGowan 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.”