Home to artists including Eek-A-Mouse, Yellowman and Elephant Man, Greensleeves was originally bought by Zest in March 2006 for £3.25m. The label has also produced hit records from Rihanna, Sean Paul and Shaggy.

VP Records CEO Chris Chin says the sale will strengthen the label's presence in Europe. "Although Greensleeves has historically been our competitor, we have always had the utmost respect for what Greensleeves stood for. The label and its founders had a long term commitment to Reggae music ...