A few years after Bernard Delfont’s death in 1994, discussions arose in the early part of 1999 regarding the future of First Leisure’s theatre interests and around the same time an unexpected opportunity presented itself - to bid for the 150 year leasehold interest in the island site block that included the Queen’s and Gielgud Theatres. The properties were owned by Christ’s Hospital and leased to Stoll Moss from whom Really Useful Theatres acquired them in 2000. These leases were shortly due to come to the end of their term. As the future strategy and policy regarding theatres was uncertain for First Leisure, the acquisition of these two theatres and the office building between them was undertaken by Cameron Mackintosh Ltd and completed in March 1999. At the end of May 1999, First Leisure, under the Chairmanship of Michael Grade, decided it no longer appropriate to continue its theatre interests and Cameron acquired a 100% interest in the company. It was during this period that yet another acquisition opportunity presented itself. In the previous twelve months Cameron had been looking at the acquisition of the theatres that comprised Chesterfield Properties’ entertainment group Mayfair Entertainment, later to become Associated Capital Theatres. This group owned or controlled seven theatres, including the Albery and Wyndham’s. These two theatres were approaching the end of their leases and a bid was made to the Salisbury Family Trust’s Gascoyne Holdings, to acquire a new long leasehold (125yrs) interest. By September the leases of the Queen’s and Gielgud theatres were transferred to Delfont Mackintosh Theatres Ltd and in October Gascoyne Holdings agreed to the leasehold purchase proposals for the Albery and the Wyndham’s.
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