The chiefs of seven leading record companies have come out in support of HMV, saying that they are continuing to supply the retailer as normal and praising the unique role it plays in supporting the music industry in the UK.

The heads of the record companies, including the UK bosses of Universal Music, EMI, Warner Music and Sony Music, wrote the The Times to say it was business as usual with HMV despite the company having had its credit insurance scaled back, following fears it would break its banking covenants and difficult trading over Christmas.

HMV has appointed KPMG to advise on its debt. In a statement HMV said: “We have received specialist debt advice for every year since the group was formed in 1998 and, given our recent statement on debt covenants, the company will continue to take this type of advice as prudently appropriate.”

The retailer issued a profit warning after Christmas and said it will axe 60 stores across the group, which also includes Waterstone’s.