Debt-ridden cable group Telewest is raising £10 million by selling its stake in concert ticket firm Way Ahead.

Telewest, which has debts of £5.3 billion, is selling its 75.6 per cent interest in the group to Really Useful Theatres, which owns the London Palladium, Apollo and Lyric.

Way Ahead sells more than two million tickets a year for rock, pop and classical concerts and Really Useful said the deal made it the largest UK-owned independent ticketing company.

The group is paying £13 million for Way Ahead and buying the remaining stake from individual shareholders, including founder David Brett and managing director Rob Wilmshurst.

Between them, the pair owned about 20 per cent of the firm, worth £2.6 million.

Mr Wilmshurst is rolling some of his shares over into the new business while Mr Brett has left the company.

Telewest said it would use cash raised from the sale for capital expenditure.

A spokesman said: "It was non-core and we have said we would dispose of non-core assets."

The group, which has admitted it potentially faces a funding gap, said last month that in a worst-case scenario, if it could not raise more cash, it had enough funds for another 15 months.

It has faced calls for a debt restructuring, such as a debt-for-equity swap which leaves bondholders in control and there has also been speculation it would merge with cash-strapped rival NTL.

It has been reported Liberty Media, the US firm which owns 25 per cent of Telewest's shares, could start talks regarding a debt-for-equity swap next month and ahead of this, would increase its holding of Telewest bonds.