Hilco directors share £1.4m payout after HMV turnaround

HMV Signage

Two directors of Hilco, the restructuring firm which owns HMV, shared a £1.4m payout last year after rescuing the entertainment store from administration.

Paul McGowan and his partner Andrew Pepper, who run and co-own the UK arm of Hilco, shared the dividend but the US parent company which owns a majority stake did not take a payout.

The details are in accounts filed at Companies House which indicate that the UK-based business increased pretax profits by nearly 8% to £5.2m and turnover rose 8.5% to £100m in the year to December 2013 after the group bought HMV and the Irish entertainment chain Xtra-Vision. The firm also earned money from helping to clear stock for administrators as a string of retailers went bust, including Blockbuster and Modelzone.

McGowan and Pepper’s dividend was paid by a subsidiary of the group, which revealed last month that HMV booked profits of £17m last year. Hilco also owns HMV stores in Canada and Ireland. It is also in the process of trying to sell a group of potteries including the Burleigh, Poole and Denby brands.

Powered by Guardian.co.ukThis article was written by Sarah Butler, for The Guardian on Friday 24th October 2014 16.40 Europe/London

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