Announcing the sale Lord Lloyd Webber said, "Because the company's borrowings will be reduced, we will be able to spend a minimum of £10 million over the next five years in improving and refurbishing the remaining eight theatres in our portfolio which comprises some of the world's most famous music houses, including the Theatre Royal Drury Lane, the Palace and the London Palladium.
"These wonderful, treasured buildings have always been my first love and I am so pleased that we can ensure without doubt that they will be preserved and modernised for the benefit of today's theatregoers and for future generations."
In a joint statement, Weitzenhoffer and Burns said, "We have both been working in the theatre all our lives and producing quality drama together for many years. The idea of producing and presenting great theatre in these historic playhouses, as owners, is thrilling. We have a large welcome mat outside our front door for all producers and creators of theatre."
(Jim Evans)
