The retailer's banks decided to waive the retailer's January 2012 covenant test. after significant support from music and film suppliers over the Christmas period.

"HMV is a vital part of the UK music industry and we are delighted that the support of the film studios and music companies is helping to secure its future," said Joseph "We look forward to working closely with HMV in the years ahead."

"The new relationship with our suppliers and the support of our banks ...