Despite earlier reports that EMI was going to sell the famed Abby Road studios in London, the record company has released a statement denying the claims.

The label has assured legions of Beatles fans, who were up in arms last week about the possible closure of the venue, that they are in fact working with a third party to restore the legendary building.

The statement reads: “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.”

Moves are also currently being made for the building to be Heritage Listed in 2010.