The Really Useful Group has seen its profits fall by 50% in the past year. Even with the celebration of The Phantom of the Opera‘s 25th anniversary couldn’t help lift the company’s profits above £4.6 million, compared to £10.7 million the year before.
It has been a financially challenging year for Really Useful Group and owner Andrew Lloyd Webber. £1.6 million had to be paid in severance to chief executive Andre Ptaszynski and finance director Howard Witts who both parted ways with the company this year.
Also damaging to the finances was the fall through of Lloyd Webber’s sale of four venues to Lord Grade. Really Useful Group was set to sell off The Palace Theatre, Her Majesty’s Theatre, Cambridge Theatre and New London Theatre. The deal was worth £50 million but fell through after a deal was unable to be struck.
From a recent BBC Radio 4 interview, Lloyd Webber does not look optimistic for the year ahead. He has said that the 2012 Olympics, which will descend upon London this summer, will cause a ‘theatre bloodbath’. He claimed that theatre bookings have been 10% of their usual number leading up to the games.
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