Lord Lloyd Webber has regained control of his West End theatre empire, having bought out his joint private equity partner, Bridgepoint Capital, in a deal signed yesterday (6 November).

The composer, whose personal fortune is estimated at £700m, has also announced that he is to invest £10m in the renovation and refurbishment of the theatres.

“Musical theatre has been my lifelong passion and I am overjoyed to have secured the ownership of these wonderful buildings for future generations of theatregoers,” he said.

“The West End theatre plays a vital role in London’s life and I am totally committed to its future.”

The deal, which will come into effect on 30 November, has put an end to speculation that Lloyd Webber is to sell his entire Really Useful Group.

Although he ordered a strategic review of the entertainment business back in June, Lloyd Webber stressed that he intended to retain at least a significant stake in the theatres.

Under the Really Useful Theatres arm of the business, he now owns the London Palladium; Theatre Royal, Drury Lane; Adelphi Theatre; Palace Theatre; Her Majesty’s Theatre; Cambridge Theatre; New London Theatre and the Gielgud Theatre, along with ticketing company See Tickets.

Lloyd Webber sold four playhouses to Nica Burns and Max Weitzenhoffer in July. Details: www.reallyuseful.com