These include the Palace Theatre, the first theatre that Lloyd Webber bought in 1983, and where his musical Jesus Christ Superstar became his first long-running hit, running there from 1972 to 1980; the New London, where Lloyd Webber's Cats would set the record for the longest-running musical in West End history up to then (it has since been eclipsed by Les Miserables); and Her Majesty's Theatre, where Lloyd Webber's The Phantom of the Opera originated and is still running now, 24 years later. Also in the set of theatres that a sale is being negotiated for is the Cambridge Theatre, where Lloyd Webber's The Beautiful Game premiered. The Palace, New London and Cambridge theatres are respectively currently home to Priscilla, Queen of the Desert; War Horse; and Chicago.

Lloyd Webber's interests in two more prime London theatres, the London Palladium and the Theatre Royal, Drury Lane, are not part of the sale deal, nor is his 50 percent share in the Adelphi (currently home to Lloyd Webber's Love Never Dies).

According to reports in the British press, the Really Useful Group is currently in a period of exclusive negotiations with a consortium led by Michael Grade, the former BBC and ITV chairman, and theatrical agent Michael Linnit. According to British trade paper The Stage, the asking price is understood to be around £50 million and, as yet, no final deal has been struck.