Photo: wenn.com

HMV has sold some of its most popular live music venues to Lloyds Banking Group in a bid to stay afloat.

The sale means the high-street retailer will lose London establishments the Barfly and Jazz Cafe as well as the Manchester Ritz and Lovebox festival.

HMV purchased these assets in 2012 from MAMA Group in a deal that came to £46 million, but has now offloaded the live music assets for less than a quarter of the price.

The sale also includes the Great Escape and Global Gathering festivals, but according to the Guardian, does not include the club and live music venue Heaven. These look to be negotiated in a different deal just six months after HMV sold the Hammersmith Apollo for £32 million.

HMV's doors will stay open, but it has come at a price

In a difficult year for the retail shop, HMV found itself in the middle of a stunt that left hundreds of records labelled: "WARNING: Do not buy this album! This man beats women!" Any guesses for which artist's albums were defaced? Yes, it was Chris Brown.

HMV have forecast a return to profit for the 2012-13 year, but will now be without some of the best venues in the country.