Andrew Lloyd Webber has announced that he has reached agreement to buy the 50% share of Really Useful Theatres owned by joint venture partner, Bridgepoint, for an undisclosed sum. He reiterated his commitment to the future of London’s theatre and £10 million ongoing theatre refurbishment programme.
As a result of the deal with Bridgepoint, Andrew Lloyd Webber will become owner of the following theatres: London Palladium; Theatre Royal, Drury Lane; Adelphi Theatre (in association with Nederlander International Ltd.); Palace Theatre; Her Majesty’s Theatre; Cambridge Theatre; New London Theatre and the Gielgud Theatre. He will also acquire See Tickets, which, based in Nottingham and London, is both the ticketing arm of Really Useful Theatres and one of the largest concert and festival ticketing companies in Britain.
The new ownership agreement – with which both parties are extremely pleased – will come into effect on 30th November. André Ptaszynski will continue in his role as Chief Executive of Really Useful Theatres.
Andrew Lloyd Webber’s company, the Really Useful Group, operates globally in theatre, film, television, video and concert productions, merchandising, records and music publishing.
Andrew Lloyd Webber said:
“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.
“The West End theatre plays a vital role in London’s life and I am totally committed to its future. I have pledged £10 million for the renovation and refurbishment of my theatres over the next five years. I am extremely proud to own such magnificent buildings.”
“We welcome the announcement by Andrew Lloyd Webber of his plans for the continued development of a unique set of theatre assets and wish him and his team every success.”
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