EMI not selling Abbey Road

Iconic venue to remain in British label’s hands

A
a
-

EMI has issued a statement stressing that it is not going to be selling its Abbey Road studios.

Last week saw widespread speculation in the media that the recording group, which announced a £1.75bn loss last year, would be selling off the iconic studios for in excess of £30m, possibly for housing. Howls of protest were raised, while both the National Trust and composer Andrew Lloyd Webber suggested they may be interested in buying the studios if that was what was needed to save them.

However, EMI’s statement, released on Sunday, says that rather than looking to sell the venue, it is instead seeking ‘a substantial injection of new capital’ from third parties to help finance plans to revitalize it. The studios are, like their parent company, currently running at a loss.

EMI, which has not revealed exactly what such revitalization may entail, has confirmed that it did receive a bid of around £30m last year, but turned the offer down, believing instead ‘that Abbey Road should remain in EMI's ownership.'

It is now hoped that the building’s future will be assured for the future by the awarding of Grade II-listed status.