Mamut has now assembled a 6.1% stake in HMV. There has been speculation that Tim Waterstone, the entrepreneur turned novelist who founded the bookshop in 1982, is plotting a bid for Waterstone's with Mamut. He previously teamed up with Mamut to invest in Bookberry, a now bankrupt Russian bookstore chain.
"In response to press speculation, the board confirms it is exploring strategic options in respect of Waterstone's and HMV Canada," HMV said. "The board also confirms that no discussions are taking place with respect to an offer for the group."
Amid worries that it could breach loan covenant tests, the company stressed that its lenders "continue to be supportive, our banking facilities remain fully available and the group is continuing to maintain a regular and constructive dialogue with its lenders".