Curtain up
Here comes the chance to buy a stake in the London theatre. Not, that is, as an angel — one of the eternally hopeful, occasionally rewarded long-shot punters who put money into new productions. You get a better balance of risk and reward, says Stephen Waley-Cohen, by letting others own the productions while you own the theatres to put them in. He is the moving spirit behind Maybox Group, now raising £2,215,000 to buy four London theatres — the Albery, Wyndham's, the Criterion and the Piccadilly. They now belong, rather incongruously, to Associ- ated Newspapers. The deal would make Maybox the second biggest theatre-owning group in London (after the empire assem- bled by Lord Grade) and the only one offering the opportunity of direct invest- ment. The Maybox theatres have drifted into the red over the last two years. They charge less than the West End average for their tickets, and even so are less full than the West End average. Mr Waley-Cohen — tough-minded manager and Lord Mayor's son, who learned the property business in his cradle — means to pull the theatres round to beat the averages, and to treat them as specialised property assets. It is silly, he says, to have West End property which is only earning its keep for 24 hours a week. He thinks in terms of late-night cabaret, lunchtime catering, and confer- ences. He also thinks — and who could disagree with him? — that buying a drink at a theatre should be less of a battle, and that it would be nice to be sure of somewhere to park your car. Maybox will pay no dividends this year or next, nor will the shares be quoted as yet — though presumably that will follow if all goes well. Greig, Middleton are brokers to the issue.
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