Showbiz
Andrew Lloyd Webber has sold four of his 12 theatres to Broadway producer Max Weitzenhoffer.
The £10m that he will make from the sale will go towards sprucing up his eight other threatres which include the London Palladium and The Adelphi.
Weitzenhoffer has bought the Apollo, the Duchess, the Lyric and the Garrick and will assume management from October 1st this year.
Lloyd Webber told the BBC: "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."
He added: "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."
Weitzenhoffer's team said: "The idea of producing and presenting great theatre in these historic playhouses, as owners, is thrilling."
The £10m that he will make from the sale will go towards sprucing up his eight other threatres which include the London Palladium and The Adelphi.
Weitzenhoffer has bought the Apollo, the Duchess, the Lyric and the Garrick and will assume management from October 1st this year.
Lloyd Webber told the BBC: "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."
He added: "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."
Weitzenhoffer's team said: "The idea of producing and presenting great theatre in these historic playhouses, as owners, is thrilling."
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