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Andrew Lloyd Webber's Really Useful Group sells the Apollo, Duchess, Lyric and Garrick theatres
Andrew Lloyd Webber's Really Useful Group has sold four of its West End theatres, the Apollo, Duchess, Lyric and Garrick theatres.
Broadway producer Max Weitzenhoffer and Nica Burns - who is currently production director of Really Useful Theatres - will take over the ownership and management of the theatres from 1 October 2005.
Andrew Lloyd Lloyd Webber said: "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. "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."
Really Useful's eight remaining theatres are the Adelphi, the Cambridge, the Gielgud, Her Majesty's, the London Palladium, the New London, the Palace and the Theatre Royal Drury Lane.
Weitzenhoffer and Burns will trade under the name Nimax Theatres Ltd. In a statement, they said: "The idea of producing and presenting great theatre in these historic playhouses, as owners, is thrilling."