Stage Entertainment bidding to buy new London theatre
Thursday, July 31st, 2008Stage Entertainment, the European venue operator, are said to be bidding for the New London Theatre, situated on Drury Lane.
The theatre, which has a 1,100 capacity, is currently owned by Sir Andrew Lloyd Webber’s Really Useful Group. It has been available for bids since the beginning of 2008.
There has been a recent closed bidding process, with a one hundred and one year lease available. Now it appears that the European tour operator, Stage Entertainment, is one of the front-runners for the lease on the theatre.
Definitely out of the running is the Royal Shakespeare Company.
The RUG claim that discussions are ongoing with potential bidders, although they have no preference to who wins the race:
We are not in exclusive talks with anyone and are continuing with discussions with several parties.
The asking price of well over £10 million is thought to have put off many of the West End’s most renowned theatre companies. One thing putting potential bidders off is the fact that the theatre’s recent history includes the theatrical flop ‘Gone With the Wind’. Had the theatre just hosted a successful show, the venue would be more attractive to potential suitors.




