Russ Grainger, owner and chairman of Music Zone, has agreed on a £12 million ($22 million) management buyout of the British independent music retailer.

LONDON -- Russ Grainger, owner and chairman of Music Zone, has agreed on a £12 million ($22 million) management buyout of the British independent music retailer.

Grainger launched the Stockport, England-based firm in 1984 as a single-store operation. The buyout was led by the chain's managing director, Steve Oliver, and supported by Lloyds TSB Development Capital and debt facilities from the Bank of Ireland.

The new owners say they are "gearing up for a major assault on U.K. high streets" over the next three years. Plans are to expand the chain from 54 to 100 outlets and to double annual revenues to £150 million ($280 million). The company will retain its name and brand, says a spokesperson.

The company's new shareholder board consists of Oliver, investor director Carl Wormald, IT and operations director Walter Gleeson, commercial director Eren Ozagir, head of audio buying Andy Flint and head of visual buying Darryl Gaskin.

Joining the chain as non-executive chairman is Terry Norris, chairman of discount book retailer the Works. A finance director has yet to be appointed.

It is unclear what role Grainger will have with the firm. A spokesperson says he "will retain a structured interest in the future performance of the company."

Music Zone has 500 employees.