EMI says it will keep Abbey Road
PUBLISHED: 13:53 22 February 2010 | UPDATED: 16:47 07 September 2010
Sanchez Manning MUSIC giant EMI has quashed rumours that it is planning to sell Abbey Road studios. Instead, the company said it is in the process of securing a third-party investor to revamp the St John s Wood landmark. Fears were raised last week abo
MUSIC giant EMI has quashed rumours that it is planning to sell Abbey Road studios.
Instead, the company said it is in the process of securing a "third-party" investor to revamp the St John's Wood landmark.
Fears were raised last week about the future of the historic studio complex after it was reported that the property's owner EMI were planning to put it on the market.
But this weekend the struggling record label and music publisher, which is owned by private equity firm Terra Firma, said the studios would remain under its control and earmarked for refurbishment.
EMI told a national newspaper on Sunday: "When Terra Firma acquired EMI in 2007, it made the preservation of Abbey Road a priority.
"The 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. Since November 2009, EMI has held discussions with a number of parties with a view to them financing these plans."
The move comes after Sir Paul McCartney, whose legendary band The Beatles used the studios to record their albums, called for Abbey Road to be saved.
While leading composer Andrew Lloyd-Webber expressed an interest in buying the studios.