| |
Theatres up for sale, but shows will go on
THE UK’s biggest theatre operator has put up its entire portfolio of venues for sale, including the Apollo Victoria and Lyceum Theatre, in a move which could mark the biggest revolution in the West End in a decade.
Live Nation, which sold its stock of US theatres in 2007 for $90million, is accepting bids for 17 UK venues, as well as a 33 per cent stake in another famous musical venue, the Dominion Theatre.
The sell-off, which will help fund Live Nation’s expansion into running live music events such as the Wireless Festival in Hyde Park, is being overseen by the Investment bank Goldman Sachs.
Mystery surrounds the asking price, but it is thought the 20 or so bidders straddling a range of interests from theatre owners to private equity firms, will have to lay their hands on at least £75m.
Other than tipping the balance of power in Theatreland, on the stage itself the sell-off is expected to have little effect.
Those understood to be in the running include Stage Entertainment, the European theatre owner that also produces Sister Act and Hairspray, Key Brand Entertainment, which bought Live Nation’s US theatres and their rivals in the UK, Ambassador theatre Group.
Peter Wilkins, from the Society of London Theatre (SOLT), said: “In terms of what’s on I don’t think it will make a difference. Both the Lyceum and the Apollo have been recently done up so they don’t need much work. I see it as just one landlord for another, although I suppose it would be nice if a British theatre group took them over. The show will go on.”
Paul Latham, chief operating officer for Live Nation told The Stage: “We might not sell them. It’s not a foregone conclusion that they will be sold. It will only be if somebody makes an offer we can’t refuse that it will be accepted. If we do sell, it will only be if someone pays a reasonable amount for what is still a going concern.” |
 |
|
|
| |
| |
