Webber: Theatre impresario

London, Jan. 18 (Reuters): Millionaire musical composer Andrew Lloyd-Webber may soon be singing all the way to the bank after getting an offer for his Really Useful Group, worth up to ?500 million ($934.2 million).

The man who transformed musical theatre with hits like Cats and Starlight Express has always been happier sitting at a piano than in a board room, and he may get his wish in what could be one of the biggest buyouts in British theatre history.

Lloyd-Webber?s wholly owned Really Useful Group, founded in 1977, is a global entertainment group which stages musicals worldwide, recently released the feature film The Phantom of the Opera and has rights to the composer?s songs and shows.

?Andrew Lloyd-Webber has received an enquiry in relation to the acquisition of some parts of his businesses,? a spokesperson for the composer said today.

?The process is in its formative stages and no decisions have yet been made.?

Sources said the theatre impresario had also received a separate bid for four of the 12 West End playhouses currently owned by the Really Useful Theatre company ? a joint venture with the private equity fund Bridgepoint Capital.

?We are working closely and in cooperation with Lord Lloyd-Webber to review options,? a spokesperson for Bridgepoint said.

Lloyd-Webber, 56, staged his first musical in London in 1968 and went on to become one of the genre?s biggest names.

His Phantom of the Opera is billed as the most successful musical of all time, grossing $3.2 billion worldwide.

The Really Useful Theatre group runs the largest theatre chain in London after it bought 10 venues from Stoll Moss Theatres Ltd in 2000 for ?87.5 million in conjunction with another private equity group.

No details of the potential bidders for Lloyd-Webber?s businesses have emerged but sources said the buyer was likely to be from the entertainment industry.

British media reports have hinted the bidder for the Really Useful Group could be a major US corporation, while the Ambassador Theatre Group and Broadway producer Max Weitzenhoffer are said to be among those interested in the four theatres.

The sources close to the deal said all options were being considered, including an option to do nothing.

Times have been hard for London's theatre owners, amid reports of a high number of flops and with audiences in the first 11 months of 2004 down slightly on the same period of 2003, according to figures from the Society of London Theatre.

But recent openings of hits like?The Producers? and?Mary Poppins? are expected to help boost numbers.

Lloyd Webber has appointed a boutique investment group, Ingenious Media, to give advice, but no investment banks are involved a this stage, banking sources said.

?The Really Useful Group and Really Useful Theatres continue to operate as normal,? the spokeswoman said. (Additional reporting by Mathieu Robbins)