Abbey Road studios not for sale, record label insists
Abbey Road studios not for sale, record label insists
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By Darren Estwick. |  |
Monday, 22, Feb 2010 09:27
By Lewis Bazley.
The legendary Abbey Road recording studios are not for sale according to the EMI record label, despite recent reports the firm was considering a sale to ease its struggling finances.
Several celebrities had called for the studios' future to be assured amid the speculation while Lord Andrew Lloyd Webber had emerged last week as a potential buyer.
But in a statement released on Sunday, EMI said it was looking for an investor in the complex in St John's Wood, north London, but was not intending to sell the 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."
EMI 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' 1969 album of the same name was recorded at the complex while the likes of Pink Floyd and Blur have also worked at Abbey Road.