The major record companies could resume supplying product to Virgin Retail as early as this week following tense high-level negotiations aimed at ending the bitter stand-off over the retailer's non-payment of some of its December bills.

Virgin Group founder Richard Branson and some of his key retail executives conducted a series of face-to-face meetings with the chairmen of the major record companies last week in an attempt to resolve the row sparked by Branson's refusal to pay £35m he owes ...