HMV, the UK’s largest music retailer, has drafted in Robert Swannell, an investment banker with 31 years’ experience, as non-executive chairman.

The appointment of Citigroup’s European vice-chairman to the role raises suspicions that some sort of corporate move is being planned.

But HMV insists that is not the case, and that he is being brought in for his retail experience. At Citigroup he represents Marks & Spencer and was involved in the defence against the bid from Philip Green in 2004. The delay in his arrival at HMV is to allow him to attain a more senior advisory role at Citigroup, which would leave more time for his nonexecutive activities.

There has been no shortage of corporate activity at HMV, however, and a resurgence would be no surprise. In 2006 the group rejected a £842 million offer from Permira, the private equity firm. There have also been persistent attempts by Tim Waterstone, founder of the bookshop chain, to buy it back.

In a statement published before its annual shareholder meeting HMV said that its like-for-like sales for the 18 weeks to August 30 rose 1.3 per cent. This was broadly in line with analysts’ expectations but a sharp slowdown from growth of 10.1 per cent in the previous quarter.

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