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The 2000s saw the Virgin Group start to scale down their UK entertainment retail division ( in 2007 they sold their domestic Virgin Megastores in a management buy-out, later becoming, Zavvi ), so it was decided to divest their remaining 77 Our Price-branded stores to Brazin Limited in October 2001, a major Australian entertainment retailer, who operated the 200 + store ( at the time ) Sanity chain in that territory.

The Our Price stores were bought by Brazin for a symbolic £ 2, and inturn, the company gained exclusive license rights in Australia for Virgin Entertainment ( which last traded in Australia five years before under the ownership of the Virgin Group ), initially setting up Virgin Megastores in Melbourne and Sydney.

In addition to the £ 2 paid, Brazin paid £ 7. 7 million to the Virgin Group while getting that exact amount back from Virgin for tax reasons.

Brazin's CEO, Ian Duffell said that the UK music market was one of the strongest in the world that year and he expected a, " 50 per cent increase in music revenues from day one.

" Further to the deal, Virgin would get 1 per cent of all turnover in the stores in conjunction to offering Brazin a £ 2 million loan facility.

Brazin also made a commitment to restrict the size and proximity of its Sanity UK stores in order to ensure they do not pose a large competitive threat to Virgin's other music shops.