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HMV shares rise as company agrees refinancing deal

HMV has agreed a refinancing deal

HMV has agreed a new refinancing deal with its lenders worth £220m in an effort to revive the music and video retailer's fortunes.

The company's share price rose on Monday in anticipation of the deal and again on Tuesday after its completion, reports the BBC.

Chief executive Simon Fox said the new bank facility "represents another important milestone in securing the financial stability of the group".

HMV has estimated debts of £170m and has issued a number of profit warnings this year as it struggles to compete with online retailers.

The company has scheduled to convert 150 of its larger stores to focus on tablets, apps and accessories by the end of September.

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Joe Cox

Joe is Content Director for Specialist Tech at Future and was previously the Global Editor-in-Chief of What Hi-Fi?. He has worked on What Hi-Fi? across print and online for more than 15 years, writing news, reviews and features. He has covered product launch events across the world, from Apple to Technics, Sony and Samsung, reported from CES, the Bristol Show and Munich High End for many years, and provided comment for sites such as the BBC and the Guardian. In his spare time he enjoys mixing vinyl and cycling.