Andrew Lloyd Webber Keeps Ownership of West End Theatres

According to TheStage.com, Andrew Lloyd Webber will not be selling his West End Theatres after all. Webber has pulled out of a deal to sell the Palace, Her Majesty's, the Cambridge, and the New Lincoln Theatres to GradeLinnit for the price of around £50 million.

A statement released by Really Useful Group stated that "both sides remain satisfied that the price was and is a fair reflection of the value of these theatres...At the eleventh hour, GradeLinnit raised issues relating to a long-standing contractual agreement between one of the theatres and a Production Company about a possible future production."

"GradeLinnit decided that they would not want to take this contract forward as owners of the theatre. The Really Useful Group has chosen to continue with the agreement and therefore the sale will not be going ahead."

Chairman Mark Wordsworth commented, "We are disappointed to have been unable to reach an agreement with GradeLinnit after its original unsolicited approach. However the theatres in question are having their best ever season and will become part of a new division within the Really Useful Group."

To read the full article, visit: http://www.thestage.co.uk/news/newsstory.php/30635/andrew-lloyd-webbers-west-end-theatre-sale