Theatre impresario Andrew Lloyd Webber is to spend £10m on refurbishing his West End theatres after selling part of his stage empire.
Lloyd Webber owns 50% of Really Useful Theatres
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.
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."