The Ambassador Theatre Group: Press: Press Releases
Press Releases
Issued : 14 February 2000
The Ambassador Theatre Group Limited (ATG) announces today its £18 million acquisition of Quintain Estates & Development PLC's seven London venues, with ancillary properties, currently managed by Associated Capital Theatres (ACT). This purchase adds to the Group’s existing West End and regional theatres, bringing its total holdings to 16 buildings. It consolidates ATG’s position as a major industry player, by creating a leading UK ‘entertainment factory’ – an integrated Production, Rights and Theatre Company. The deal also ensures that London’s world-renowned theatres now remain, almost exclusively, in British hands.
Investors in the deal include prestigious names from the corporate sector such as, Sir Eddie Kulukundis, Peter and John Beckwith, Christina Smith, Rupert Gavin, Laurence Isaacson, Roger Orf, Howard Panter and Rosemary Squire. ATG is supported by NatWest Acquisition Finance and advised by Arthur Andersen Corporate Finance.
Completion of the sale is expected by 17 April 2000, when a consolidation of the ATG and ACT head offices is anticipated. There will be no changes to the theatres' operational staff.
ATG is keen to expand its acknowledged expertise in forging business and creative partnerships, which give full expression to British talent. The Company is renowned for its successful management of theatre venues and production of shows such as, 'The Weir' (1999 Olivier Award Winner for Best New Play), ‘The Royal Court Classics Season’, ‘Smokey Joe’s Café’, 'Rocky Horror Show', and ‘Carmen Jones’. It already has strong links with ACT Productions, which is to remain under its present ownership. Both groups have worked collaboratively on several projects, including Lee Hall’s highly acclaimed ‘Spoonface Steinberg’, ‘Krapp’s Last Tape’, starring John Hurt, currently showing at the New Ambassadors Theatre, and the forthcoming production of David Mamet’s ‘Speed the Plow’, starring Patrick Marber.
Howard Panter, ATG Managing Director, explains the importance of the acquisition: “This deal will ensure that British theatre remains at the forefront of creative expression and has the backing of good business sense. UK theatre is a key feeder to the global live entertainment business and the TV and film industries. But, it’s traditionally loosely planned and poor at securing adequate rights packages. ATG’s theatre management expertise and production capabilities will take theatre into a new era, not just on a management basis, but also by opening up its full multi-media potential, so adding considerably to the value of these first class London venues.”
Chairman of ACT Productions, Roger Wingate, says: “We're delighted that ACT's theatres are being consolidated within a strong and diversified theatre group. Thanks to our shared production interests, I look forward to collaborating further with ATG. I would like to take this opportunity to thank all the management and staff of ACT for maintaining a high standard of professionalism throughout a period of uncertainty.”
ACT is renowned world-wide for its productions and a number of 'independent' plays showing at its venues, for example, The Donmar's, 'The Blue Room', directed by Golden Globe winning director, Sam Mendes and starring Nicole Kidman and a range of productions by The Almeida at the Albery Theatre. It recently boasted Academy Award nominee, Cate Blanchett, in ‘Plenty’.
ATG’s acquisition of ACT sees the introduction of a new, significant force in the world entertainment industry, founded on an existing, strong British nucleus of live production and venues. This group now brings together strong co-production relationships with all the leading powerhouses of contemporary British drama – The Royal Court, The Donmar Warehouse and The Almeida.