Hands is reportedly hoping to triple the £120m that the music company needs to raise before June in an attempt to fund EMI through to 2015 when it can renegotiate its loans with Citigroup.

New EMI Music executive chairman Charles Allen is expected to deliver a five-year business plan for the company to Hands imminently, which will be the basis of Terra Firma's pleas for further investment, which requires the approval of 75% of investors.