HMV shareholder Alexander Mamut, the Russian oligarch who has been building up his stake in the business, has appointed Credit Suisse to advise him on options for the embattled retailer.

Options that Mamut, who owns 6.1% of HMV Group, are mulling include a breakup of the group.

Retail Week magazine reported today that interested parties including private equity firm Permira are sizing up the business and considering bids.

Reports have suggested that Mamut could decide to back the management team, led by chief executive Simon Fox.

HMV suffered from a poor Christmas which resulted in a warning last month that it may breach its banking covenants. It also revealed it would close 60 stores across the group, whci comprises eponymous music chain HMV and bookseller Waterstone’s, this year to cut costs.