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Post by Rory on Dec 20, 2018 19:05:06 GMT
Pleased that ATG have acquired it. Will be interested to see what their plans are.
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Post by Rory on Dec 20, 2018 19:06:26 GMT
I think of the major groups, ATG is the best fit for the place. I wonder if the "restoration levy" is transferrable between their venues, as this one needs a fair bit spent. If they do some work, it would be rather a lovely small playhouse again like it used to be. £12m did seem a slightly excessive price, though I can see now why the owner turned down Mackintosh in the end. Why as a matter of interest do you think he did turn down CM? Do we know what he had offered to pay?
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Post by Jon on Dec 21, 2018 1:26:21 GMT
I think of the major groups, ATG is the best fit for the place. I wonder if the "restoration levy" is transferrable between their venues, as this one needs a fair bit spent. If they do some work, it would be rather a lovely small playhouse again like it used to be. £12m did seem a slightly excessive price, though I can see now why the owner turned down Mackintosh in the end. I wonder why ATG sold it in the first place. Also, it's interesting that Sir Stephen didn't sell it to Trafalgar Entertainment who probably are on the look out for venues to acquire but then again Howard Panter and Rosemary Squire sold it to Sir Stephen when they were at ATG 11 years ago.
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Post by Jon on Dec 21, 2018 14:47:45 GMT
The Stage reports today that the ATG offer was more than double what CM was going to pay. If I remember CM said £5m, ATG paid £12m (would have been £8.5m if they'd had a theatrecard, probably). I think it was sold in the days when everything West End had to be on a big stage in a big auditorium and small went out of fashion. Also I think ATG used the cash to buy somewhere else. Guessing Trafalgar didn't have £12m lying around at the moment to buy it back. ATG bought the Live Nation theatres two years later so they were looking for bigger venues to buy at the time I do think we may see one or two theatres in the West End under new ownership on the next few years like the Shaftesbury and Criterion for example
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Post by Jon on Dec 21, 2018 16:02:05 GMT
Ah, I knew it was something like that. Yes, I can see a few changing hands again - mostly if ATG's owners sell the entire group again, as is possible, I'm hearing. Given the prices theatres are going for, though, there's a lack of buyers within the current chains, isn't there. Mackintosh has maintenance to do on many of his, plus over-spent on the Victoria Palace re-build. ALW says he has taken a £50m loan to re-do Drury Lane and a while back tried to sell some of his to Grade. Don't know if current prices are too rich for Nimax (hope not) or Trafalgar Group. Wonder how many more wealthy Russians there are out there? Trafalgar has backing from Barings which is a global investment firm so I imagine when the time is right, they'll pounce but at the same time they are building cinemas as part of the group's strategy so they might forego buying existing theatres in favour of building a new one. Also if Providence sells ATG, Howard and Rosemary will likely get a windfall and that would also give them capital for expansion. Nimax already has a theatre being build although given Crossrail's woes, it's at least 5-6 years away
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Post by partytentdown on Dec 21, 2018 16:08:42 GMT
I'm always surprised Disney don't buy their own theatre as they did on Broadway. Could that be an option in the future?
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Post by Jon on Dec 21, 2018 17:20:59 GMT
I'm always surprised Disney don't buy their own theatre as they did on Broadway. Could that be an option in the future? IIRC Disney don't own the New Amsterdam, they have a 49 year lease on it with the state of New York who own it but they pay a very small amount of money per year because they paid for all the renovation work.
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Post by Jon on Dec 21, 2018 18:02:34 GMT
Trafalgar has backing from Barings which is a global investment firm so I imagine when the time is right, they'll pounce but at the same time they are building cinemas as part of the group's strategy so they might forego buying existing theatres in favour of building a new one. Which explains the lack of interest. Even with a windfall, for the sort of work they want to do, new build is easier. Good point on Nimax. Just can't see Disney buying in London. No good reason, just can't at the moment. I'd say what the two Nicks are doing with the Bridge and the King Cross's venue is probably what Trafalgar should be doing.
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Post by Someone in a tree on Dec 22, 2018 6:35:41 GMT
Which explains the lack of interest. Even with a windfall, for the sort of work they want to do, new build is easier. Good point on Nimax. Just can't see Disney buying in London. No good reason, just can't at the moment. I'd say what the two Nicks are doing with the Bridge and the King Cross's venue is probably what Trafalgar should be doing. What staging new plays by celebrated writers however the new plays aren’t very good ? 😂
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Post by sf on Dec 27, 2018 15:15:18 GMT
I'd say what the two Nicks are doing with the Bridge and the King Cross's venue is probably what Trafalgar should be doing. What staging new plays by celebrated writers however the new plays aren’t very good ? 😂
To be fair, the best thing I saw this year (My Name is Lucy Barton) was at the Bridge Theatre. It's just that the worst thing I saw this year (A Very Very Very Dark Matter) was there as well.
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