History
Soon after, Music Zone opened its first permanent shop in Stockport and began to expand in the Manchester region, rebranding itself to Music Zone Trade Direct and positioning itself as a value retailer. In Spring 2005 Music Zone was sold in a management buy-out for £12 million, backed financially by the private equity firm Lloyds Development Capital (LDC), as well as funds from the board of directors. In the twelve months to 31 May 2005, the company made a £4,000 pre-tax loss on sales of £70.4m. Then in early 2006 the company bought 41 outlets from collapsed chain MVC, allowing Music Zone to expand nationwide. All stores were branded to 'Music Zone'. The MVC acquisitions took the estate to 104 stores making the chain the third largest specialist entertainment retailer in the United Kingdom, less than 30 stores behind nearest rival Virgin Megastore.
Read more about this topic: Music Zone
Famous quotes containing the word history:
“It’s a very delicate surgical operation—to cut out the heart without killing the patient. The history of our country, however, is a very tough old patient, and we’ll do the best we can.”
—Dudley Nichols, U.S. screenwriter. Jean Renoir. Sorel (Philip Merivale)
“It’s not the sentiments of men which make history but their actions.”
—Norman Mailer (b. 1923)