Music store enters administration

Kroll partners Andrew Pepper, Peter Saville and Gurpal Johal, have been
appointed administrators of DVD and CD retailer MVC.

The company, which runs 73 stores and employs 700 staff, will operate as
normal over the Christmas period with no redundancies planned at this stage.

Competition within the marketplace, including growing internet downloads and
sales, has led to the company suffering cash flow difficulties.

‘MVC is a well-established brand name as well as a high street business,
which has been unable to respond to changes to the dynamics of the marketplace,’
said Pepper.

‘We are confident that we will be able to continue trading the business
during the Christmas period while we review the options and are hopeful that we
will be able to find a buyer for the business. The stores remain open and are
well stocked and we hope our customer base will support us.’

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