HMV Group has conditionally agreed to offload Hammersmith Apollo Limited (HAL), the owner and operator of London's Hammersmith Apollo, to Stage C in a deal worth £32m.

The sale remains subject to shareholder and banking approvals, while Stage C will need the backing of regulatory authorities. It is hoped the sale will be completed by late August.

Stage C is jointly owned by Ansco Music Club - a division of the Anschutz Entertainment Group - and getgo Consulting GmbH, a company within CTS Eventim AG.

HMV Group chief executive Simon Fox said: "The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years.

"However, the sale will enable HMV to extend its bank facilities, strengthen its capital structure and ensure a strong future for the group."

Details: www.hmvgroup.com