Russian Billionaire Alexander Mamut, who has a 6.1% stake in HMV Group, has reportedly appointed Credit Suisse to advise him on the retail group, which includes book retailer Waterstone's, a stake in digital retailer 7Digital and live music interests.

One option Credit Suisse may consider is a sell off of Waterstone's, an option long mooted. Tim Waterstone, who founded the chain in the Eighties, is apparently interested in buying the chain back.

However, HMV CEO Simon Fox has already put ...