Canadian record retailer spins out Mike Ashley and buys HMV

Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley.

The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, resulting in 455 redundancies.

Sunrise Records chief executive Doug Putman said he was “delighted to acquire the most iconic music and entertainment business in the UK.” No price was given.

The administrators KPMG announced that the company’s flagship Oxford Street store in London, its first shop when it opened in 1921, is among the 27 outlets set to close

Canadian entrepreneur Mr Putman, 34, bought the retail chain Sunrise Records in 2014. He previously bought HMV’s Canadian business in 2017, expanding his small chain into a national operation with 80 outlets.

Mr Putman is also President of Everest Toys, the largest toys and games distribution company in North America. He told BBC Radio 4’s Today programme that HMV was a “fantastic, heritage brand”.

He also said the chain would be looking to stock more vinyl records, in response to customer demand.