Branson sells Virgin music stores

Sir Richard Branson has sold his UK chain of Virgin record stores to a group of senior staff at the business.

The deal, whose value has not been disclosed, will see Virgin's 125 UK and Irish Megastores rebranded as Zavvi.

The business will continue to be run by the current management team headed by managing director Simon Douglas.

High Street music retailers have been fighting for their survival as CD sales have been dramatically supplanted by digital music downloads.