There’s life in the old dog yet ...

AS Canadian vinyl junkie Doug Putman and selfstyled ‘high street saviour’ Mike Ashley tussle for control of HMV the message is clear... there’s life in the old dog yet.

It’s an intriguing battle for the business famous for its iconic logo featuring a dog listening to a gramophone because, to some people, DVDs, CDs and vinyl records will seem like a thing of the past. First Amazon and then Spotify and Netflix have transformed the way we consume music and film, severely denting in-store sales.

The change in buying habits has been rapid and remorseless for HMV. So what’s in it for Putman and Ashley? Well, where there is cash, there is hope – and HMV still pulls in more than £250 million of our spending each year.

Previous owners Hilco did try to adapt HMV to take on its internet rivals, with live music in stores, music and film memorabilia, T-shirts, and more of Putman’s beloved vinyl. If Putman wins the bidding war, we could see more along those lines.

The key issue now is profit margin. Suppliers are supportive of HMV and already bend over backwards to keep costs low, which is a positive sign but doesn’t leave much room for maneouvre. Staff also need to be paid a decent wage. That leaves clipping business rates bills, which is something only the Government can – but still won’t – do. Landlords, too, will need tackling over those painful rental terms.

Putman and Ashley will know this is a gamble. But it is also a rare opportunity to snap up one of Britain’s bestknown brands.