Universal is expected to close all of V2's offices - in France, Germany, Italy, Sweden and the UK - with the incorporation of a number of key staff into local worldwide divisions.

In a statement Universal says, "Following its recent acquisition of the V2 Music Group from Morgan Stanley, Universal Music has committed to continuing the V2 label, with its own roster of unique artists, and to continuing Cooperative Music, representing independent labels in international markets.

"This commitment is international ...