Covid theatre closures put Lloyd Webber £28m in red
THEATRE impresario Andrew Lloyd Webber felt the financial black hole left by Covid yesterday as his West End empire suffered a £28million loss.
The supremo behind Cats, Evita and Jesus Christ Superstar fought to keep shows running throughout repeated lockdowns.
But his LW Theatres company reported a huge pre-tax deficit for the year to last June as closures slashed takings by 97 per cent.
Plummet
LW also saw the number of theatregoers at its six London venues plummet from 1.5 million to just 33,000 over the 12-month period.
But Lord Lloyd Webber, 74, believes profits will “increase substantially” now Covid restrictions have been lifted and audiences are returning.
The company said: “While we are delighted to see theatre and live entertainment begin to recover, the impact of such a difficult period has been significant.” Yesterday’s news emerged just days after the composer’s music empire – the Really Useful Group – revealed a £10million fall in royalties.
Lord Lloyd Webber was one of the most outspoken entertainment chiefs slating the pandemic’s threat to the industry. He warned last summer he could be forced to sell some of his theatres unless the government provided aid to cover the losses. His West End musical Cinderella had just been cancelled because, under Covid rules, the entire cast had to isolate despite only one person having the virus.
Echoing the Daily Express’s Raise the Curtain campaign to save beleaguered arts venues, he said: “One has to realise, there is not much more petrol in the tank frankly.” LW’s financial results show the loss increased from just £7.3million the year before, while group turnover sank from £83million to just under £7million.
Its theatres were closed for 273 weeks, compared to 90 the previous year. Meanwhile, the number of staff employed was cut from 418 to 218.
Encouraging
But the company said: “UK domestic audiences have supported our theatres and trading has generally been encouraging. Turnover will increase substantially in the 12 months following the reporting date of these financial statements as we emerge from a period of almost total closure.”
Last week Lord Lloyd Webber unveiled plans to build a 120-seat arts centre – named the Garden Shed – next to his West End headquarters.
To be used for live performances and rehearsals, it would take up two floors of the building next door to the Theatre Royal Drury Lane.