Russian Oligarch and HMV shareholder Alexander Mamut has been given just 15 days to agree a deal to buy HMV’s bookselling business, Waterstone’s.

The embattled entertainment retailer confirmed last month that it is considering a sale of Waterstone’s, as well as its Canadian arm, as revealed by Retail Week.

HMV has given Mamut and the bookseller’s founder Tim Waterstone about 15 more days to come up with an offer, according to Sky News. The chain is expected to be valued at around £50m.

This morning HMV said in an unplanned trading statement that trading had continued to be tough, and issued another profit warning. It said full-year pre-tax profits will come in at around £30m. Last month the company said profits would come in “moderately below” market forecasts of £45m.

However, the retailer said its lenders have moved the measurement period for HMV’s covenant tests from the year ending April 30 to the year ending July 2, giving it two months breathing space.