[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 11 July, 2005, 13:47 GMT 14:47 UK
Lloyd Webber sells four theatres
Andrew Lloyd Webber
Lloyd Webber owns 50% of Really Useful Theatres
Theatre impresario Andrew Lloyd Webber is to spend 10m on refurbishing his West End theatres after selling part of his stage empire.

He has sold four of his London theatres to Broadway producer Max Weitzenhoffer.

The 56-year-old composer plans to spend 10m on his eight remaining theatres, which include the Theatre Royal Drury Lane and the London Palladium.

The theatres are part of Lloyd Webber's Really Useful Group, which produces and controls his shows around the world.

Weitzenhoffer and Nica Burns - who is currently production director of Really Useful Theatres - will take over the ownership and management of the Apollo, the Duchess, the Lyric and the Garrick theatres from 1 October.

Theatre supporters

Lloyd Webber said: "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.

"Max is a wonderful philanthropist and long term business associate and I have the highest regard for Nica's work. Both have been supporters of London theatre for many years.

"This sale will mean 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."

Really Useful's eight remaining theatres are the Adelphi, the Cambridge, the Gielgud, Her Majesty's, the London Palladium, the New London, the Palace and the Theatre Royal Drury Lane.

Weitzenhoffer and Burns will trade under the name Nimax Theatres Ltd.

In a statement, they said: "The idea of producing and presenting great theatre in these historic playhouses, as owners, is thrilling."



SEE ALSO:
Lloyd Webber could sell theatres
18 Jan 05 |  Entertainment
Lloyd Webber: King of the stage
07 Jan 04 |  Entertainment
Lloyd Webber's West End cash plea
12 Nov 03 |  Entertainment
West End theatres need millions
07 Dec 04 |  London


RELATED BBC LINKS:

RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific