Andrew Lloyd Webber has today announced the sale of four West End playhouses in the Really Useful Theatres (RUT) portfolio to Nica Burns, the current production director of RUT, and Broadway producer Max Weitzenhoffer.

The pair will take over the joint ownership and management of the Apollo, the Duchess, the Lyric and the Garrick theatres from 1 October, creating a new company called Nimax Theatres.

The deal, which was first speculated upon in January, was for an undisclosed sum.

However, Lloyd Webber has pledged that the proceeds will help RUT to invest at least £10m in restoring its remaining theatres, which include Theatre Royal, Dury Lane and the London Palladium.

“I am thrilled to be able to say that these theatres are not being sold to the highest bidder, but to theatre professionals who will continue to administer them in the way that is in the best interests of the theatres themselves and the West End in general,” said Lloyd Webber.

“I am also delighted that this sale will mean that, because the company’s borrowings will be reduced, we will be able to spend a minimum of £10m over the next five years in improving and refurbishing the remaining eight theatres in our portfolio.”

The deal comes a month after Leisure Opportunities reported that Lloyd Webber was to consider a sale of the entire Really Useful Group, which also owns the licences to his works.

The composer will be considering a review of a possible sale over the next two weeks, although he has stated that he intends to retain a stake in the theatres.

RUT is a joint venture company owned equally by Lloyd Webber’s Really Useful Group and private equity firm Bridgepoint Capital. It now comprises: Adelphi Theatre; Cambridge Theatre; Gielgud Theatre; Her Majesty’s Theatre; London Palladium; New London Theatre; Palace Theatre and theatre Royal, Drury Lane. Details: www.reallyuseful.com