The sale price was higher than most analysts had predicted and, while the sale has only conditional approval, Fox told Music Week he expected it to go through.

This would mean HMV holding an ace when it renegotiates its lending facilities with banks over the coming weeks, after the retailer realised in January it was set to breach its banking covenants.

"This should alleviate the financial pressure that has been on the group and enable us to continue to develop ...