Ritz sold as part of HMV deal

MANCHESTER’S Ritz venue has changed hands as part of a buyout at HMV.

The music retailer has sold its live music division, MAMA Group, to a management team backed by Lloyds’ private equity arm LDC for £7.3m.

As well as the Ritz it runs The Forum, The Garage, Camden Barfly, Jazz Cafe and The Borderline in London and the Edinburgh Picture House and the Birmingham Institute.

It also has the festival brands Global Gathering, Godskitchen, Lovebox, The Great Escape and Wilderness.

HMV bought MAMA for £46m just two years ago but the latest sale does not include the Hammersmith Apollo, which was sold earlier this year, of the nightclub businesses G-A-Y Group and Heaven.

LDC investment director Alistair Pendleton said: “Live Music is a growing and increasingly important sector of the UK economy and in supporting the MBO of MAMA Group we believe we are backing the best management team and the most recognised, successful brand in the business.”