HMV has sold the Hammersmith Apollo venue – which has housed acts as varied as Oasis, Queen, the Beatles, David Bowie and Peter Kay – to a consortium that includes the owner of the O2 Arena for £32m.

The venue has been sold to Stage C which is jointly owned by Ansco Music, a subsidiary of the American magnate Philip Anschutz's Anschutz Entertainment, and a subsidiary of CTS Eventim, a ticketing services provider, of Germany.

The venue, which opened in 1932 as the Gaumont Palace cinema, generated profit before tax of £1.9m in the nine months to 30 April.

The sale indicates that HMV will sell off its string of live venues piecemeal. It had been thought that it might try and sell them as one package with Sony touted as one prospective buyer.

"The strategic review of the remaining [HMV] Live business is ongoing and we will update the market as appropriate," the company said.

HMV said the sale was part of a strategy to allow the struggling company to focus on its core business of re-invigorating its retail chain.

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

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

Proceeds from the deal will be used to reduce the group's £168m debt.

HMV also said that its £220m banking facility had been extended to 2014.