Music retailer HMV has been sold out of administration by Deloitte to restructuring specialists Hilco UK, in a move which sees more than 2,500 jobs saved.

Under the sale, 141 of HMV's stores and the group's head office and distribution functions are transferred into the new ownership securing a total of 2,643 jobs.

Hilco, which also bought HMV Canada in 2011,has been involved in several UK high street rescue deals including Clinton Cards and Borders. The current HMV deal is believed to be worth around £50m.

Paul McGowan, chief executive of Hilco and the new chairman of HMV, said: 'We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly.'

The new owners have said they intend to focus HMV on selling music and film, rather than consumer electronics, and music labels and film studiosare understood to have agreed to support HMV with new supply terms. Hilco's turnaround of HMV's Canadian operations was based on a move into sales of band-branded clothing and coffee mugs branded with the names of artists.

Nick Edwards, Deloitte partner and joint administrator, said: 'The sale of the restructured portfolio saves one of the world's most iconic retail brands and provides a solid financial footing on which the business can be taken forward. We wish the Hilco UK and HMV teams every success with the business.'

Nick Edwards, Rob Harding and Neville Kahn, restructuring partners at Deloitte, were appointed joint administrators to HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd on 15 January 2013. On appointment, HMV operated 222 stores, of which 81 have closed.