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Lloyd Webber to offload London theatres
Andrew Lloyd Webber's Really Useful Group (RUG) is to offload four of its seven London theatres after reaching a deal with GradeLinnit.
It is expected that the sale of the venues - Her Majesty's, the Cambridge, the Palace and the New London - is set to be completed in January 2011. Although GradeLinnit will acquire 4,900 seats from RUG, Lloyd Webber is to retain the Theatre Royal Drury Lane, the Palladium and a 50 per cent stake in the Adelphi.
Proceeds from the sale are expected to go towards plans for the development of RUG's three remaining venues, in addition to reducing the group's debt. Lloyd Webber said: "It has been a totally gut wrenching decision for me to decide to sell the four theatres. However following my illness last year I was advised to reduce the debt in the family company.
"I have agreed that the purchase price be reduced by £5m to enable GradeLinnit to invest this sum in the theatres, principally in the Palace." RUG chair Mark Wordsworth added: "Both Andrew and his family felt that de-gearing RUG would make it easier for him to concentrate on composing and allow him the time to produce shows such as The Wizard of Oz and Love Never Dies internationally without any financial worries."
Image: Her Majesty's Theatre – Seth Anderson
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