Although best known as an entertainment retailer, HMV acquired live to management company Mama Group in early 2010, giving it a significant foothold in the live business. Three months earlier it had bought a 50% share in digital retailer 7digital for £7.7m.

Recent months have seen HMV suffer, with the company giving three profit warnings and announcing plans for close 60 stores across the group.

As a result, the company has admitted it is considering a selloff of Waterstone's and ...