Ian, 67, has made a deal with music publisher One Media iP Group to sell his stake in Take That hits from their 1992 debut album ‘Take That & Party’, including ‘A Million Love Songs’, ‘Could It Be Magic’ and ‘I Found Heaven’.

The songwriter and producer held producing royalties for the songs on the record – which was certified platinum twice in the UK – as well as two other recorded Take That tracks which were never released, which he has also sold to One Media iP Group.

According to The Guardian, One Media iP did not disclose the cost of buying the rights, saying only that it had acquired them for a “modest consideration”.

The One Media iP chief executive, Michael Infante, said: “Given the current global crisis and corresponding impact on the live music sector, we have found an increasing number of artists are evaluating alternative income opportunities and are looking favourably upon our initiative.

“We remain focused on building momentum and scaling the business, and look forward to keeping the market updated on our progress.”

Ian is one of many musicians and music industry peers who have sold their rights to investors, many of whom are on the hunt for hits that can bring in extra revenue in the new streaming era.

Artists including Shakira and Fleetwood Mac members Mick Fleetwood and Stevie Nicks have also cashed in on their back catalogues, selling rights to companies including Primary Wave, Hipgnosis and BMG.

And Bob Dylan is believed to have struck the one of the most lucrative deals to date, having sold off publishing rights to his entire catalogue of songs to Universal Music for an estimated $300m (£221m).