A flurry of offers to buy budget music chain Fopp - part of the collapsed HMV music chain - have been submitted to administrators, Deloitte.

While Deloitte would not be drawn on the identity of the interested parties, they are believed to include private equity firms and trade buyers.

News of the bids emerged from the joint administrators' statement of proposals for the HMV group of companies.

The statement said: 'A "teaser" document containing limited information on the Fopp brand, was released on 31 January 2013 to six interested parties with a deadline set for indicative offers of 15 February 2013. Four offers were received, which the joint administrators continue to discuss with the relevant parties in conjunction with broader HMV UK retail sale process.'

The fate of Fopp - and its nine stores - is closely connected to sister brand, HMV, and as the beleaguered music group's largest creditor, Hilco, is understood to be close to announcing a deal that will see it select the Fopp stores and the best of HMV's 200-plus stores, thereby releasing them from the insolvency process.In January, restructuring outfit Hilco bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland, to take effective control of the brand.

The Bond Street-based distressed business specialist already owns HMV Canada, which it bought from the HMV group in 2011 for £2m. This existing relationship is set to resonate favourably with suppliers who will probably give HMV's new UK operation more favourable credit terms.

Hilco is believed to have paid substantially less than HMV's estimated £176m debt to acquire the business because the chain is in administration.

While Hilco does not officially yet own HMV - whose first store on London's Oxford Street was opened by English composer Edward Elgar in 1921 - the debt buy-out now gives it effective control.

Set up in 2000, Hilco is led by chief executive and former accountant Paul McGowan. The company has been involved with deals and administrations including Allders, Littlewoods, Woolworth, Borders, Allied Carpets and more recently heritage pottery company, Denby.

HMV collapsed after facing increasing competition from online music and DVD sales, and struggling with a large number of High Street stores.

Unsecured creditors to HMV include HMRC which is believed to be owed around £20m in unpaid VAT, PAYE and national insurance.