Following HMV’s dramatic decline of recent years, and subsequent call into administration last week, retail re-structuring group Hilco has offered a potential light at the end of the tunnel.

After buying the High Street retailer's debt of £176m, Hilco (who saved HMV in Canada) could be about to provide a fresh eye to the business model and nurture it back to health.

And reports say the music industry is on board with a rescue plan whereby labels offer ...