Andrew Lloyd Webber to Sell 4 West End Theatres to Michael Grade

The Stage reports exclusively today that Andrew Lloyd Webber is close to inking a deal with a group headed by Michael Grade, the former BBC and ITV chairman.  According to the report: "The Stage understands that a deal was agreed earlier this week- believed to be in the region of £50 million - for a consortium led by Grade and theatrical agent Michael Linnit to purchase the New London, Palace, Cambridge and Her Majesty's theatres in London....Lloyd Webber's Really Useful Group will retain ownership of the Theatre Royal Drury Lane, London Palladium and its 50% stake in the Adelphi Theatre, which is co-owned with US company Nederlander."

The deal has reportedly been agreed upon by all parties, though no contracts have been signed to date.

Says Webber of his decision to sell the theatres in The Stage: "...following my illness last year I was advised to reduce the debt in the family company. It is particularly difficult for me as the New London was Cats' home for 21 years. For nearly 25 years Her Majesty's has been and still is the home of The Phantom of the Opera. The Palace has huge personal associations and was described by John Betjeman as ‘the only theatre architecture ... which climbs into the regions of a work of art'...
I am particularly proud that over the 25 years that I have owned the Palace I have been able to restore the magnificent auditorium and the exterior thereby removing the huge neon advertising hoarding that defaced both the theatre and Cambridge Circus. I have agreed that the purchase price be reduced by £5 million to enable GradeLinnit to invest this sum in the theatres, principally in the Palace. My commitment to composing, producing and theatre ownership remains as strong as ever."

To read the full report in The Stage, click here.