The sale of Andrew Lloyd Webber's Really Useful Group West End theatres have fallen through.

It is reported that the sale of Andrew Lloyd Webber's Really Useful Group West End theatres New London, Palace, Cambridge and Her Majesty's have fallen through.

The Theatres were due to be sold in January for around £50 million to a consortium led by former BBC and ITV chairman Michael Grade and theatrical agent Michael Linnit.

A statement released by RUG says "both sides remain satisfied that the price was and is a fair reflection of the value of these theatres...At the eleventh hour, GradeLinnit raised issues relating to a long-standing contractual agreement between one of the theatres and a production company about a possible future production...GradeLinnit decided that they would not want to take this contract forward as owners of the theatre."