Lloyd Webber's RUG Announces Successful Refinancing

Andrew Lloyd Webber's The Really Useful Group (RUG) today announced the successful refinancing of all the company's debts through a new £150million banking facility with Bank of Scotland Corporate, whilst maintaining 100 percent ownership of the music copyrights and other assets. RUG is advised by Riverhill Partners Limited.

The Really Useful GroupThe new arrangement repays all Lloyd Webber's personal loans and mortgages taken out on behalf of RUG as well as replacing other debt in the group. This means that the composer clears what was described as "the biggest mortgage in Britain" when, in November 2005, he personally borrowed £35million on his property to speed through the total acquisition of the 50 percent of Really Useful Theatres from the private equity group Bridgepoint.

The new conventional bank facility includes the repayment of the bonds issued under the theatre securitisation programme in 2000 following the purchase of a number of West End theatres including the London Palladium and the Theatre Royal, Drury Lane. It also pays off the debt acquired when the Really Useful Group put together See, Britain's largest UK-owned ticketing agency.

Howard Witts, Finance Director of the Really Useful Group, said: "Bank of Scotland has been a long-term financier to the group and we are delighted to be working with them at this exciting time. The new financing gives us considerable financial benefits and operational flexibility and is an important step in creating an ideal platform for RUG's continued growth."

André Ptaszynski, Chief Executive Officer of the Really Useful Group, said: "This is an excellent deal for the group and the culmination of RUG's strategy to take control of 100 percent of the Really Useful Group's interests across shows, copyrights, theatres and ticketing. We are looking for further acquisitions in all areas and we pledge to continue to invest in a programme of theatre refurbishment.

"On stage, we have had a brilliant year with the success of the new London production of Evita and, in Las Vegas, Phantom - The Las Vegas Spectacular.

"Andrew Lloyd Webber has had a personal triumph in the hit BBC1 television series How do you solve a problem like Maria? We have also entered into new agreements to further exploit the fantastic catalogue of Andrew's work which has been made available to download in digital format for the first time".

Andrew Lloyd Webber said: "I am very happy that we decided to invest further in the company last year rather than sell it. We now have total ownership of all our companies in the Really Useful Group and Bank of Scotland has provided us with the ideal financing for the business. It is very much a family concern and because we now own 100 percent of it privately we can be quicker on our feet while taking a longer-term view.

"It's a marvellous feeling no longer to be known as the man with the biggest mortgage in Britain although I was not and I can, if asked, reveal who is!"

Andrew Lloyd Webber has begun work on his next project, turning Mikhail Bulgakov's seminal novel The Master and Margarita into a musical.