The musical chairs of West End theatre ownership that has this year alone seen the Really Useful group dispose of four of their smaller houses to Nica Burns and Max Weitzenhoffer’s newly-constituted Nimax, the Albery and Wyndham’s move to the control of Delfont Mackintosh, and the Savoy newly under ATG management, has now taken another startling turn. Andrew Lloyd Webber, who has long been rumoured to be looking at disposing of his remaining theatre interests, has in fact just consolidated them instead, by buying out the investment partner, Bridgepoint, with whom he bought what used to be Stoll Moss for £87.5m five years ago.
While it was widely thought that they paid too much — and in fact have spent most of their profits made since simply servicing the interest on the debt on which it was bought — it has prevented them from investing in the actual fabric of the buildings in their care. But when the four theatres were disposed to Nimax for £10m, Lloyd Webber pledged to re-invest the sum in their remaining theatres; it’s a good start, but won’t go very far towards improving a portfolio of theatres that are in dire need of reinvestment. Perhaps now that Lloyd Webber is in overall control of all the houses, he can now take a leaf out of Cameron Mackintosh’s (pocket) book and actually spend the money required towards securing his own legacy as a theatrical philanthropist.
Alternatively, it could be a smart way towards removing the obstacles that joint ownership presents towards the disposal of Lloyd Webber’s entire theatrical empire as has also long been rumoured, and by owning it all outright, it would be easier (and more profitable) to do so. This one, like Cats, is clearly set to run and run….
The disgraceful condition of the Palladium was highlighted about a year ago by Nichola McAuliffe in a newspaper feature; let's hope that Lloyd Webber can now finally take responsibility and honour the legacy of these great theatres that he is now in charge of.