A shift in plans regarding the sale of Abbey Road Studios has occurred. It seems that problem label EMI have decided not to put Abbey Road Studios on the property market. Not only is the legendary studio being spared from the clutches of possible retirement, but it seems that plans may be in action to give The Beatles' second home a makeover.

The official EMI statement read: "In response to recent press speculation, EMI confirms that it is holding preliminary discussions for the revitalization 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 revitalize the studios. These plans would involve a substancial injection of new capital."

This rather splendid news comes after last week's announcement from EMI that plans were being put in place to sell the studio, the rather bountiful proceeds of which would have gone towards paying off some rather sizable debts, which the historic UK based label has been racking up plenty of in recent years.

Since the announcement last week, several campaigns have been created in order to make sure the studio were not to fall into any developers hands, including a Facebook campaign. British Heritage and National Trust were also mentioned in a plethora of possible bidders for the site, institutions who would certainly be working to retain the function of the Georgian Townhouse as a fully functional studio. Another possible candidate for ownership of the site was famous musical composer Andrew Lloyd Webber.

Thanks to the statements today, the sweat from many a brow can begin to disappear and hearts can return to their previous stable rhythms, for an institution which has given all of us something to treasure in our record collections is going to be sticking around.

Let's hope that the project will be a fruitful venture for a studio and record label that has earned the right to survive in the hustle bustle of the 21st century music world.