Virgin Group sells UK and Irish music stores
Zavvi Entertainment Group has completed a management buy-out of the Virgin Megastores UK and Irish chain from Virgin Group.
The team led by existing Virgin Megastores Managing Director, Simon Douglas, and Finance Director, Steve Peckham, will continue to operate all of the existing one hundred and twenty five UK and Irish stores under the name Zavvi, as well as the company’s recently revamped online offering. Zavvi will continue to be supplied by EUK, the company’s primary supplier.Commenting on the acquisition, Simon Douglas, Managing Director of the new company said, “For over 30 years Virgin Megastores has benefited from being part of the Virgin Group and from the unstinting support of Sir Richard Branson. We are delighted to be given the opportunity to build on that legacy. We have a workforce of 2,500 people who are absolutely passionate about the products we sell and we will continue to harness that passion and energy and together with an independent ethos and modern outlook, we will deliver a new brand that lives and breathes entertainment and delivers high quality enthusiastic service to existing and new customers.”
