Andrew Lloyd Webber warns Chinese investors are set to buy London’s West End theatres if Government does not get the industry back up and running
- Lord Lloyd Webber, 72, has warned ‘it might not just be Chinese phone networks the Government has to worry about’ as he says buyers circle West End theatres
- Composer said owners will be forced to sell theatres without urgent funding
- Theatres have been closed since March in a bid to stop spread of coronavirus
Andrew Lloyd Webber has said that Chinese investors could be set to buy up London’s West End theatres.
The composer told the Daily Telegraph that overseas buyers could take advantage of the precarious financial position that UK theatres find themselves in.
‘There are major buyers circling around who are not British and would like to own West End theatres,’ he said.
He said that during the recent sale of the Theatre Royal Haymarket the price was inflated by a Chinese bidder.
Lord Andrew Lloyd-Webber has warned that Chinese investors could be set to buy up West End theatres if they do not receive urgent funding to help them cope with lockdown fallout
![The London Palladium has been closed since March but hosted a pilot performance with Beverley Knight on Thursday [July 23] with strict measures in place](https://i.dailymail.co.uk/1s/2020/07/24/10/31142154-8555917-image-a-8_1595581342093.jpg)
West End theatres, including the London Palladium (left) and Gielgud Theatre (right), were closed in March in a bid to prevent the spread of Covid-19 and are now under threat
The theatre was bought for a reported £45 million, paid by the billionaire Sir Leonard Blavatnik in 2018.
This far exceeded other price tags for London theatres, including the Victoria Palace, which Cameron Mackintosh bought for about £26 million in 2014, and the Palace Theatre, in 2012.
Lord Lloyd Webber added: ‘So it might not just be Chinese phone networks the Government has to worry about.’
He also said the sector had received ‘no clarity’ from the Government about how its £1.57 billion support package for the arts will be distributed.
Lord Lloyd Webber warned that without urgent funds and a clear timeline for reopening, theatre owners will be forced to put the buildings up for sale.
The composers comments come as the UK announced it would ban Chinese firm Huawei from its 5G network.
The government had previously said Huawei could be involved in the project but it changed its mind following growing security concerns about China.
Following government advice, theatres have been closed since 16 March to help slow the spread of Coronavirus, with many warning that they will go out of business in the coming months without support.
Yesterday, Lord Lloyd-Webber hosted a pilot show at the London Palladium featuring Beverley Knight with strict social distancing measures in place. The theatre was at 30 per cent capacity
Earlier this month, the National Theatre told their 400 members of casual staff that they will lose their jobs in a move it described as unavoidable due to the Covid-19 crisis.
Andrew Lloyd Webber, 72, has been trialling measures at the London Palladium that could allow the theatre business to get back up and running after Phantom Of The Opera continued in South Korea with strict hygiene measures and no social distancing.
Yesterday, the composer hosted a pilot performance by Beverley Knight at the London Palladium, which had strict social distancing measures in place and was at 30 per cent capacity.
It is one of a number of events to gauge the viability of live entertainment amid the coronavirus pandemic.
Audience members were given an assigned arrival time and spread sparsely across the auditorium, with some rows left completely empty.