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London record shop for sale on eBay fails to find buyer

London record shop for sale on eBay fails to find buyer

The owner of the oldest second-hand record shop in London has failed to attract a buyer after placing his store for sale on eBay for £300,000.

Specialising in vintage vinyl, On The Beat Records in Hanway Street, Soho, stocks over 50,000 records. These were all included in the £300,000 'Buy It Now' price, along with the store's leasehold.

Admitting that this was his "first and last" time using eBay, the shop's owner Tim Derbyshire told NME that the store will now close. "I gave it a go, it was on eBay for 30 days," he said. "I'll be closing down in January, I'll be gone by the end of the month. This is my last Christmas. I got about three phone calls about it in total."

Asked how he feels about the lack of interest in buying the shop, Derbyshire remained philosophical. "I'm not too bothered really, that's life. I'll move on to something else, I may take up brain surgery. Most people have got a brain, well maybe not everyone." The businessman added that he may "leave the key in the door" when he vacates the property early next year.

Speaking to NME earlier this month, Derbyshire admitted that he found it hard to establish the validity of the bids his store has attracted when the auction went live.

On The Beat Records was opened by Derbyshire in 1979. Almost 35 years later it sells a range of collectible vinyl from 1960s psychedelia to grunge with funk, soul, jazz, folk, country and library music.

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