Renowned musical theatre impresario and composer Lord Andrew Lloyd Webber has announced he has sold central London's Palace Theatre to Nimax Theatres for an undisclosed sum.

Lord Lloyd Webber said the sale would help repay debt and strengthen the balance sheet of his West End theatre ownership vehicle Really Useful Group (RUG).

Proceeds from the sale will, according to Lord Lloyd Webber, help in planning the future of the Theatre Royal Drury Lane and in continuing a refurbishment of the London Palladium.

Nica Burns and Max Weitzenhoffer are the duo behind Nimax Theatres and purchased four venues from RUG in 2005 - the Lyric, the Garrick, the Apollo and the Duchess theatres.

Nimax added the Vaudeville Theatre to its portfolio from RUG in 2008, before completing a deal to acquire the Palace Theatre - bought by Lord Lloyd Webber in 1983.

Lord Lloyd Webber said: "I want to see a secure theatrical future for the Palace as I do the other historic theatres that I own through Really Useful Theatres.

"Nica and Max are completely aware of my passion for The Palace and we have agreed that if there is a major theatrical reworking of the building, I will partner them."

Burns and Weitzenhoffer added: "We have longed to own a major musical house and it doesn't get much better than the Palace."

Details: www.andrewlloydwebber.com

Image: Edinburgh Wanderer