Interestingly the banking syndicate, which includes RBS and Lloyds, turned down higher offers for HMV as they believed selling to an asset stripping group would harm their reputations.
The British public is sensitive to seeing long-time high street chains disappear, with the iconic Woolworth’s having collapsed years back upsetting many to see it fade away.
The lending group also turned down lucrative offers for HMV’s flagship store on Oxford Street.
