February 21, 2010 19:54

EMI confirms Abbey Road 'will not be sold'

Record company finally ends recent fears over The Beatles' haven changing hands

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EMI has shelved plans to sell London's Abbey Road studios.

The record company has released a statement saying the iconic studios, where The Beatles recorded much of their output (immortalising it on their 1969 album 'Abbey Road'), 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".

The move comes after fears that the studio would be sold to raise money for EMI in a bid to help clear the company's debts.

The reports led to a Facebook campaign to try to save it, the National Trust looking into buying the property and even composer Andrew Lloyd Webber expressing an interest in owning the studio.

EMI said in a statement: "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.

"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, reports BBC News.

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