Mike Ashley is in talks to buy music chain HMV, weeks after it went into administration for the second time.

The company collapsed at the end of December, putting 2,200 jobs at risk, blaming “extremely weak Christmas footfall” and continued decline in the DVD and CD market.

Paul McGowan, chair of HMV’s owner Hilco, said in at the time: “HMV has clearly not been insulated from the general malaise of the UK high street and has suffered the same challenges with business rates and other government-centric policies which have led to increased fixed costs in the business.”

Administrators from KPMG were called in to seek a buyer for the business as a going concern, with all 125 HMV stores to remain open while negotiations with suppliers take place.

KPMG said it had received offers “on a number of bases”, and Mr Ashley entered the bidding process ahead of the 15 January deadline, according to a report by Sky News.