Andrew Lloyd Webber is believed to be in negotiations to sell part of his London theatre empire.

The privately-owned Really Useful Group has a 50 per cent share in 11 West End theatres as well as holding the copyright to all Lloyd Webber productions, recordings, music publishing, merchandising, tv, video and film.

The theatres that Lord Lloyd-Webber is reported to be in negotiations over are: The Lyric, Apollo, Duchess and Garrick.

He bought his half-stake in the 11 West End theatres in 2000 for £90m, with venture capitalists Bridgepoint Capital buying the other 50 per cent.

A former business colleague of Lord Lloyd-Webber’s, Patrick McKenna, has been appointed to “investigate all available options” for the company sell-off.

A spokesperson for Lloyd Webber said: “Andrew Lloyd Webber has received an enquiry in relation to the acquisition of some parts of his businesses. The process is in its formative stages and no decisions have yet been made. The Really Useful Group and Really Useful Theatres continue to operate as normal."

A separate offer has also apparently been made for the entire Really Useful Group business empire, according to The Financial Times.

A leading American corporation is thought to have raised the prospect of an offer for the entire company a couple of months ago, while undisclosed bidders have apparently also expressed interest in the London theatres.

Were the offer for the whole of the Really Useful Group to be accepted, it would become one of the largest buyouts in the history of UK theatre and could potentially be worth in excess of £500m. Details: www.reallyuseful.com