“Xtra-vision is a very strong brand in the Irish market and we are happy to add it to our fast-growing entertainment division,” enthuses Hilco Capital CEO Paul McGowan. “It’s a good fit alongside HMV which we now operate in the UK, Ireland and Canada.”

According to their Ireland Manager Larry Howard: “The final transfer of (Xtra-vision) stores to Hilco will take place gradually following discussions with a number of the company’s landlords aimed at regularising the terms and conditions of leases. We have had supportive messages from a number of landlords and we are, therefore, hopeful that we will be able to retain all of the stores which we have agreed to acquire.”

The chain currently comprises 130 stores who employ 803 staff. As reported earlier this week on hotpress.com, Hilco has announced the re-opening of four of HMV's pre-existing stores. Whether or not the Xtra-vision deal will lead to future premises sharing remains to be seen.

“It makes a lot of sense in certain locations to combine the two operations,” proffers a well-placed source. “I could imagine an Xtra-vision outlet in somewhere like Youghal or Tuam carrying the top 100 albums and some back catalogue and doing very well out of it.”