Gary Barlow is closing down his record company, Future Records so that he can spend more time with his family.

The Take That and X Factor star has a lot of business commitments and running the record label is one of the biggest so he is selling it in order to see his family more and also to focus his attentions on other projects.

Artists that are currently signed to the label will be transferred to Universal which is a parent company of Future Records.

In an interview with The Sun Gary told the newspaper: "It's been a very difficult decision but it came down to time. I've had a lot going on recently and I want to spend more time with my family."

Despite Barlow talking openly about his decision with The Sun, rival newspaper The Mirror has claimed that the company has gone bust rather than it being a conscious decision on his part.

They reported that the company had a loss of £4 million in 2011 and the figures for this year are expected to be even worse.

An insider told The Mirror: "Gary was naturally upset. He'd signed a few great bands who are destined for success but the problem was he also had a few turkeys."

Artists that have been signed to Future Records include Lonsdale Boys Club and Aggro Santos.