Palace Theatre - ALW sells to Nimax Theatres

Andrew Lloyd Webber's Really Useful Theatres has sold The Palace Theatre on Shaftesbury Ave, to Nica Burns and Max Weitzenhoffer's Nimax Theatre Limited , for an undisclosed sum.

Singin' in the Rain, is currently playing at the Palace Theatre.

Nimax Theatre now own six West End theatres, Lyric, Apollo, Garrick, Duchess theatres, Vaudeville, and now Palace Theatre.

Really Useful theatres continues to own the Adelphi , Cambridge, Theatre Royal Drury Lane, Her Majesty's, the London Palladium and the New London theatre.

Andrew Lloyd Webber said: "I feel that it's been my home for nearly forty years. Jesus Christ Superstar began its record breaking run there in August 1972 and I bought the theatre in 1983. I wrote big chunks of Phantom in my upstairs office there....So why am I selling it? First, and most importantly, I want to see a secure theatrical future for the Palace as I do the other historic theatres that I own through Really Useful Theatres. I can think of no better future custodians of Britain's finest Victorian theatre than my friends Nica and Max. Secondly, the proceeds of the sale will be used to repay debt and to strengthen the balance sheet of Really Useful Theatres. This will allow me to plan the future of the Theatre Royal Drury Lane and continue work on refurbishing The London Palladium."

Nica Burns and Max Weitzenhoffer for Nimax said: "We are honoured that Andrew Lloyd Webber has entrusted us with the guardianship of this iconic building with its extraordinary history and will cherish it as he does. We have longed to own a major musical house and it doesn't get much better than the Palace."