British musical mogul Andrew Lloyd Webber is planning to relax his grip on London's West End, by selling four of the 11 theatres he owns there.

Lord Lloyd Webber - the creator of musical blockbusters THE PHANTOM OF THE OPERA, STARLIGHT EXPRESS, CATS and EVITA - is in negotiations to offload venues the APOLLO, the GARRICK, the DUCHESS and the LYRIC, all major names in the capital's theatre district.

A spokesperson reveals, "Andrew Lloyd Webber has received an enquiry in relation to the acquisition of some parts of his businesses."

Despite an estimated fortune of $760 million (GBP400 million), Lloyd Webber insists his theatre business fails to make a profit. He said in December (04), "Everyone thinks we've got a fortune hanging around, but in actual fact the company's got a big debt.

"I'm a very, very bad businessman and I don't think I've always been very well advised."

19/01/2005 02:58