High-street video and gaming rental and retail firm Xtra-vision has been saved after its receivers Ernst & Young completed the sale of the business and its assets to a number of firms backed by Hilco Capital Ireland for an undisclosed sum.
The sale of the business includes the business, stock and head office in Tallaght, Dublin, helping to safeguard jobs across the island of Ireland and securing a future for the Xtra-vision brand.
Hilco Capital is an international restructuring business that invests in distressed businesses across sectors like retail and manufacturing. The company acquired HMV businesses in Canada and the UK.
Hilco Capital businesses have a combined turnover of US$1.3bn around the world and employ more than 6,500 people.
“In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the sale of Xtra-vision, one of Ireland’s strongest retail brands and protecting jobs across the island of Ireland,” said joint receiver Luke Chartlon.
“It provides a solid financial footing on which the business can be taken forward and we wish Hilco Capital Ireland Limited and Xtra-vision every success with the business in the future.
“The brand Xtra-vision is well recognised and well respected by customers. We are extremely grateful for the support and loyalty showed by all employees and customers during what has been an uncertain time, and would like to thank everyone at Xtra-vision for their commitment and hard work during the receivership process,” Charlton said.
The good news for Xtra-vision comes as it emerges that HMV is currently recruiting 100 people as it plans to reopen four stores in the Republic of Ireland, including its locations in Liffey Valley Shopping Centre, Dundrum Town Centre, Henry Street and at Limerick’s Crescent Shopping Centre.
Hilco acquired HMV in a deal estimated to be worth €59m.