HMV, the music retailer which has dominated the UK retail scene for a number of years, has been saved from administration by Canadian firm Sunrise Records.

No price of the buyout has been released but Sunrise Records chief executive Doug Putman said he was “delighted to acquire the most iconic music and entertainment business in the UK.”

As part of the deal it means that 100 HMV shops will be brought out of administration which will save 1,487 jobs in total. However, it has also been revealed that 455 people will lose their jobs after the revelation that 27 shops will be forced to close.

Fans of HMV will feel better about the arrival of Mr Putman, 34, who bought the retail chain Sunrise Records in 2014 and then bought HMV’s Canadian business in 2017 and expanded it even further.

“I feel really lucky to be able to say we [will] continue to call it HMV,” he told BBC Radio 4’s Today programme. “It is very clear that the customer wants more selection on vinyl, more depth of catalogue,” he added.

“There’s in no doubt that online is a big part of overall retail sales. But people like to come into a store, have an experience, talk with someone who understands music, loves music, loves video and entertainment. If you think online is the only future I don’t think that is the case.”

He added: “There is so much you get from come into a store that you can’t get online.”