As a result, the major has entered into a consultation process with all of Olympic's 11 staff. It is understood that the studio is not profitable.

An EMI source says, "Olympic staff are highly professional and dedicated and we are very sorry to be doing this."

The Olympic Studios has been host to recording sessions from artists including The Rolling Stones, Jimi Hendrix and Led Zeppelin.

The closure means that EMI now has just one studio asset - Abbey Road ...