 Lloyd Webber owns 50% of Really Useful Theatres |
Composer Andrew Lloyd-Webber is to become sole owner of a number of historic London theatres. Lord Lloyd-Webber, 57, who co-owned the West End venues, has agreed to buy out his partners, equity group Bridgepoint, for an undisclosed sum.
He immediately announced a �10m refurbishment programme for the buildings over the next five years.
Theatres he takes over from 30 November include the London Palladium and the Theatre Royal, Drury Lane.
The others are the Palace Theatre, the Gielgud Theatre, the Cambridge Theatre and the New London theatre. He will also co-own the Adelphi Theatre.
 |  I am extremely proud to own such magnificent buildings |
He and Bridgepoint paid �87.5m for the theatres, along with four others and a ticketing operation, in 2000.
Lord Lloyd-Webber said: "Musical theatre has been my life-long 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 �10m for the renovation and refurbishment of my theatres over the next five years.
"I am extremely proud to own such magnificent buildings."
His works include Joseph and the Amazing Technicolor Dreamcoat, Jesus Christ Superstar, Evita, Cats, Starlight Express, The Phantom of the Opera and The Woman in White.
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