Music and games firm HMV has agreed a £46 million takeover of MAMA Group that not only owns the G-A-Y bars but also the Hammersmith Apollo, the Forum, the Garage, Jazz Cafe, Heaven, the Borderline in London, as well as the Edinburgh Picture House, The Birmingham Institute, and Aberdeen’s The Warehouse.

HMV, which already owns 9.9% of MAMA, said it had support from investors representing almost 34% of MAMA’s shares.

The deal trumps a previous £38 million unsolicited approach from MAMA’s largest shareholder, Luxembourg-based investment firm SMS Finance, two weeks ago.

The group also boasts an artist management business which represents top bands including the Kaiser Chiefs, Franz Ferdinand and White Lies.

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