Lloyd Webber Withdraws From Sale of Four Major West End Theatres

News   Lloyd Webber Withdraws From Sale of Four Major West End Theatres The planned sale of four major West End theatres – the Palace, Her Majesty's, Cambridge and New London – from Andrew Lloyd Webber's Really Useful Group to a consortium led by Michael Grade and Michael Linnit has been called off.

The sale, previously announced in October and scheduled to be completed in January, was estimated to be for £50 million. But in a press statement issued by the Really Useful Group, it was stated that while "both sides remain satisfied that the price was and is a fair reflection of the value of these theatres…At the eleventh hour, GradeLinnit raised issues relating to a long-standing contractual agreement between one of the theatres and a production company about a possible future production. GradeLinnit decided that they would not want to take this contract forward as owners of the theatre. The Really Useful Group has chosen to continue with the agreement and therefore the sale will not be going ahead." The group's chairman, Mark Wordsworth, commented, "We are disappointed to have been unable to reach an agreement with GradeLinnit after its original unsolicited approach. However the theatres in question are having their best ever season and will become part of a new division within the Really Useful Group."

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