Hilco acquires HMV debt

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The future of HMV on the UK High Street appears to have been saved.

HMV Canada owner Hilco has acquired the chain's debts, giving it control of the company.

The Financial Times reports that the move to take control of the money owed to Lloyds and Royal Bank of Scotland – believed to be around 200m – paving the way for it to assume full ownership of the brand.

This first step is understood to be designed to stabilise the current situation and give both Hilco and administrator Deloitte a little wriggle-room as negotiations continue.