HMV-owner Hilco Capital has bought out Xtra-Vision, Ireland’s largest film and computer game rental retailer.
Hilco Capital, the new name for the Hilco UK group of companies, will now take control of Xtra-vision’s business, stock and head office in Tallaght, Dublin.
Paul McGowan, CEO of Hilco Capital, said: “Xtra-vision is a very strong brand in the Irish market to add to our fast-growing entertainment division. It is a good fit alongside HMV which we now operate in the UK, Ireland and Canada.”
Xtra-Vision operates 132 stores throughout Ireland and Northern Ireland, employing over 800 staff. It will join HMV in Hilco’s $1bn turnover international entertainment retail division.
Ernst & Young, Xtra-Vision’s court-appointed receivers, closed 20 of the firm’s stores last month but found the majority of its outlets to be profitable.
Hilco has appointed former Blockbuster UK commercial director, Gerry Butler, as CEO of the new business.
Butler said: “The final transfer of stores to Hilco will take place gradually following discussions with a number of the Company’s landlords aimed at regularising the terms and conditions of leases.
“We have had supportive messages from a number of landlords and we are, therefore, hopeful that we will be able to retain all of the stores which we have agreed to acquire.”
Xtra-vision is one of Ireland’s best known retail brands, with a leading position in rental and retail of both film and games, along with a growing presence in music, mobile telephony, a range of consumer electronics products and confectionery.
Hilco has not disclosed the amount it paid for Xtra-Vision.