London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

HMV owner: UK must fix business rates or risk more shop closures

HMV owner: UK must fix business rates or risk more shop closures

Group keen to return to putting on events, with Ed Sheeran booked to play free concert next month
The owner of music and entertainment chain HMV said it was planning to open 10 new stores this year but warned there would be many more vacant shops on UK high streets unless the government fixed business rates.

The music and film retailer, which is celebrating its 100th anniversary this month, said online sales had more than doubled over the past year, with sales tripling in some weeks, but Doug Putman, the toy entrepreneur who bought 100 HMV stores out of administration in 2019, said overall sales for the group were “heavily down” as stores had been forced to temporarily close during the Covid-related high street lockdowns.

He said HMV, which has 107 stores, was keen to return to putting on events, with Ed Sheeran booked in to mark the group’s new sponsorship of the redeveloped Empire venue in Coventry with a free concert for 700 people next month. Putman said HMV wanted to offer something different from its big rival Amazon and to “add value”.

“One thing I hope we will take from this is that everyone had been kind of sad [since the pandemic began]. Outside of the illness, when you look at people’s lives a big part of that is walking outside and going to the high street and doing some shopping. When you see bookstores and coffee shops and HMVs closed and everything online it is not as much fun as it used to be. Hopefully people have seen this world where everything is Amazon and it is not all that great.”

The retailer opened its first HMV shop on Oxford Street, London, a century ago. Its landmark store on the street closed as part of the administration process, but Putman said he would like to find a location for a new flagship store in London.

He said the government needed to urgently fix business rates, which are based on property rents but take years to adjust to reflect the actual levels paid. This has resulted in many retailers and other high street outlets continuing to pay high business rates despite rents in most places falling as competition from the internet has increased. Online retailers, meanwhile, pay lower business rates because they operate from fewer properties and are able to base their warehouses in cheap locations.

“If the government don’t fix the rates, high streets are going to see a lot more vacancies. Business rates just don’t make much sense,” Putman said. “You can pay zero rent and not make a profit on a store as rates are too high.”

Putman rescued HMV in the UK out of administration after doing the same for its Canadian division and merging it with his chain Sunrise Records. Sunrise had just five stores when he bought it from the elderly owner in 2014. Putman took over his family’s business, Everest Toys, which is North America’s largest toy and games distributor, at the age of 23 before getting into music retail.
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×