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Abbey Road Saved?

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EMI changes its mind ...

EMI has scrapped the proposed sale of Abbey Road studios in London and will instead forge ahead with plans to revitalise the facility.

In a statement, the record label said that Abbey Road, which famously hosted sessions by The Beatles and Pink Floyd, will stay under its ownership.

After rejecting an offer for the building last year, EMI instead decided to work with "third parties" to provide funding for a "revitalisation project".

"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", said the label.

"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."

After news of the possible sale broke last week, there were fears that the historic location would be sold to an unsuitable bidder as EMI tried to clear its debts.

Composer Andrew Lloyd Webber immediately expressed his intention to bid for the studio, while the National Trust also said that it would look into acquiring the facility.

After ditching the sale plans, EMI also welcomed efforts by English Heritage to list the property, which it said fits with regeneration proposals already in motion.

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