27 Oct 2008

Buy-up news sounds Real Groovy for music fans

6:15 am on 27 October 2008

The Real Groovy music store in Wellington has been bought by its long-time manager 10 days after the business was placed into receivership.

And it's hoped the three other stores will also be bought up.

From Saturday the Wellington store will trade as an independent branch, following Mark Thomas' decision to buy it off receivers Corporate Finance on Friday night.

Mr Thomas, who has managed the store since it opened nearly 10 years ago, says the response from customers has been over-whelming.

He says Wellington customers are able to use credit notes and vouchers again, and insurance accounts have been re-activated.

Real Groovy Records also has stores in Queen Street in Auckland, and in the centres of Christchurch and Dunedin.

Corporate Finance had said it was in negotiations with potential purchasers of three of the stores.

It says it's pleased to have been able to achieve the Wellington sale in this difficult economic climate and hopes to have more positive news soon.