Abbey Road Studios 'up for sale'
Published 16/02/2010 | 16:19
London's iconic Abbey Road recording studios have reportedly been put up for sale by embattled music group EMI.
EMI's private equity parent Terra Firma is said to be hoping a sale of the studios - made famous by the eponymous Beatles album and zebra crossing cover shot - could raise tens of millions of pounds.
EMI has been touting for interested buyers to acquire the studios at number 3 Abbey Road in St John's Wood, according to the Financial Times.
The group bought the property for £100,000 in 1929, transforming it into world famous studios that have hosted artists as diverse as composer Sir Edward Elgar, who recorded Land Of Hope And Glory with the London Symphony Orchestra there in 1931, to Pink Floyd and Blur.
The Beatles used Abbey Road for 90 per cent of their recordings, naming their final album after the studios in 1969.
However, recent recording advances and cheaper overseas studio facilities have added competitive pressure to Abbey Road and a sale of the studios would raise much needed cash for its struggling owner.
EMI - which counts Robbie Williams and Coldplay among its artists - posted a £1.75 billion loss for the year to March 2009 in accounts earlier this month.
It is not clear if the sale plans would also include the Abbey Road brand as well as the property.