The Reg Mills Stereo building was sold after "quite a good offer", however the business has not been sold, with owner and proprietor Tony Mills choosing to retire and close-up shop.
"If a white knight came along and wanted to buy the building and the business -- well then we could have talked," said Mills, who inherited the audio business in 1966 after his father and business founder, Reg Mills, passed away.
The specialist retailer has admitted that it felt pressure from trends in home theatre speaker kits encroaching on the enthusiast audio market, however he says the closure is due only to his desire to retire – which was well-timed with the sale of the Reg Mills Stereo building.
"My feelings were that hi-fi sadly got ambushed by home theatre. Whether you liked it or not, you sort of had to go there," said Mills.
