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Sale of Andrew Lloyd Webber's theatres falls through
Monday, 13 December 2010
The sale of four West End theatres by Andrew Lloyd Webber has fallen through after he failed to agree a deal, it has been revealed.
His Really Useful Group had agreed in October 2010 to sell the Palace, Her Majesty's, the Cambridge and the New London theatre to GradeLinnit, the consortium led by former BBC and ITV chairman Michael Grade.
Although a deal worth in the region of £50 million was thought to have been accepted, the agreement has now collapsed.
"GradeLinnit decided that they would not want to take this contract forward as owners of the theatre," said a spokesperson for the Really Useful Group.
Lord Lloyd Webber decided to try and sell the four theatres recently after beating prostate cancer and hoping to reduce his family debt.
Any future sale would not include Lord Lloyd Webber's intellectual property rights, nor affect theatregoers.
The theatre mogul recently re-released Love Never Dies after closing it briefly to alter a few scenes.