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Dateline: 27th October, 2010
RUG to Sell Four Theatres The Really Useful Group is to sell four of its West End Theatres - the New London, the Palace, the Cambridge and Her Majesty's - for what is believed to be around £50m. The buyer is a consortium led by former BBC and ITV chairman Michael Grade. This will leave company, which is wholly owned by Andrew Lloyd Webber, with just two wholly owned theatres - the Theatre Royal Drury Lane and the London Palladium - with a 50% stake, with US company Nederlander, in the Adelphi. In a statement Lloyd Webber said, "It has been a totally gut-wrenching decision for me to decide to sell the four theatres. However, following my illness last year, I was advised to reduce the debt in the family company." He was diagnosed with prostate cancer in 2009. The money raised will be used to reduce RUG's debt and develop the Palladium and Drury Lane.
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