Page last updated at 15:54 GMT, Sunday, 21 February 2010

Abbey Road studios 'not for sale', says EMI

Abbey Road Studios
The Beatles named an album Abbey Road in 1969

Music group EMI has said it is not considering selling London's Abbey Road studios.

EMI released a statement saying the studios, made famous by a Beatles album, should stay under its ownership.

The firm added it had rejected an offer for the historic building last year and was working with "third parties" about funding a "revitalisation project".

It ends days of speculation after it was reported that struggling EMI would sell Abbey Road to ease debts.

The reports led to Facebook campaigns to try to save it, the National Trust said it would look into buying the property and even composer Andrew Lloyd Webber expressed an interest in owning the studio.

However, on Sunday EMI said that while it was looking for an investor in the site, based at 3 Abbey Road in St John's Wood, it was not looking for a buyer.

'Revitalise studios'

"In response to recent press speculation, EMI confirms that it is holding preliminary discussions for the revitalisation of Abbey Road with interested and appropriate third parties," the company said.

"Abbey Road studios had, for a number of years, been losing money and we have developed plans to revitalise the studios.

"These plans would involve a substantial injection of new capital."

The company said it also welcomed reports that English Heritage was accelerating plans to list the site, and said it had been holding discussions over the regeneration plans since November.

It added: "In mid-2009, we did receive an offer to buy Abbey Road for in excess of £30m but this was rejected since we believe that Abbey Road should remain in EMI's ownership."

The Beatles used Abbey Road for 90% of their recordings, naming an album after the studios in 1969.

EMI bought the property for £100,000 in 1929, transforming it into the world-famous studios that have hosted artists as diverse as composer Sir Edward Elgar in 1931, to Pink Floyd and Blur.

The company, which counts Robbie Williams and Coldplay among its artists, posted a £1.75bn loss for the year to March 2009 in accounts earlier this month.



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SEE ALSO
Lloyd Webber considers Abbey bid
19 Feb 10 |  Entertainment
National Trust may buy Abbey Road
17 Feb 10 |  Business
McCartney hopeful of Abbey deal
16 Feb 10 |  Business

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