Latest News

Back to Latest News back

 

TEG invests in West End theatre giant ATG

TEG invests in West End theatre giant ATG
October 1, 2020

Sydney-based live entertainment and ticketing firm TEG is reported to have acquired a minority stake in the UK-based Ambassador Theatre Group (ATG), the owner of multiple theatres in London’s West End including the Piccadilly and Apollo Victoria.

As reported by the UK’s Sky News, to secure new funding aimed at steering it through the Coronavirus crisis, ATG has agreed to sell a small minority stake to TEG.

The plan will see Providence Equity Partners, which has already injected tens of millions of pounds to support one of the giants of London's Theatreland through the pandemic's initial stages, and TEG providing a total of £160 million (US$206 million) of new equity.

The injection of new capital by Providence and TEG, which is backed by the media and technology-focused buyout firm Silver Lake, follows a tentative reopening of British theatres.

With prominent figures such as Lord Lloyd-Webber warning that the arts sector is at "the point of no return", MPs on the UK House of Commons Culture Select Committee have called for "a robust strategy" to pave the way for the return of larger audiences in theatres and performance venues.

ATG owns many of the most historic theatres in London, including the Lyceum and Savoy, as well as many other famous sites in Britain, Germany and the USA.

Its UK portfolio includes Liverpool's Empire Theatre, and the Duke of York's Theatre in London, while on Broadway in New York, it owns the Lyric and Hudson.

The company has a workforce of more than 4,000 full-time equivalent employees.

ATG venues have been home to some of the world's most successful plays and musicals, including The Lion King, Les Miserables and Wicked.

Since the COVID-19 outbreak put Britain into lockdown in March, live entertainment groups - like those in many other industries - have scrambled to reorganise their finances.

Last week, ATG revealed it has suspended all of its pantomime productions until 2021 due to ongoing uncertainty. The firm was forced to lay off 1,200 casual staff this month.

ATG was founded in the 1990s by the husband-and-wife team Sir Howard Panter and Dame Rosemary Squire, who have since gone on to set up a rival theatrical group.

The company is run by Mark Cornell, who joined the company four years ago, having been an executive at the luxury goods owner LVMH and Sotheby's, the auctioneer.

Providence bought ATG in 2013 in a £350 million (US$452 million) deal, and has since overseen a significant rise increase in revenues and profits, with massive hit shows including Harry Potter and the Cursed Child.

Image: The Apollo Victoria. Courtesy of ATG.

Related Articles

2nd September 2020 - TEG restructures management team for long-term global expansion

28th July 2020 - Ticketek New Zealand to offer Afterpay service to consumers

27th July 2020 - Leading theatre producer, Michael Cassel Group announces new partnership with TEG

17th June 2020 - TEG looks to UK expansion with acquisition of struggling venues and Ticketek launch

22nd May 2020 - Ticketek integrates Afterpay as payment option

20th May 2020 - TEG appoints Matthew Donazzan as head of strategy, mergers and acquisitions

8th May 2020 - New Australian platform aims to help live arts industry host ticketed, live-streamed shows

7th May 2020 - Sydney’s Theatre Royal to reopen in 2021 under management of UK theatre impresario Sir Howard Panter

4th May 2020 - Theatre impresario Sir Cameron Mackintosh says West End and Broadway shows will be ‘last to go back’

8th April 2020 - TEG Live explains resolution with ACCC over 2019’s International Basketball Series

30th March 2020 - TEG survey suggests most Australians expect ‘normal life’ to resume within six months

24th February 2020 - TEG welcomes the Van Egmond Group

19th February 2020 - Ticketek introduces contactless tickets at Central Coast Stadium

6th January 2020 - TEG to stage benefit concert for bushfire relief at Sydney’s ANZ Stadium

9th October 2019 - Geoff Jones outlines TEG’s international growth plans

4th October 2019 - Owners sell TEG to technology investors

6th September 2019 - Ticketek extends historic Melbourne and Olympic Parks partnership for another five years

7th August 2015 - West End operator to manage Sydney’s upgraded Theatre Royal


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Links Modular Solutions

Links Modular Solutions was a leading provider of high-quality, innovative software solutions for aquatic and recreation facilities. Links Modular Solutions is now part of Xplor Technologies.

read more

Access / Billing / Finance / Fitness / Technology

 
 

Fun Wheels Pty Ltd

Fun Wheels Pty Ltd are the premium dealer in Australasia for the Dutch company BERG’s commercial and domestic products. Our flagship product is their revolutionary pedal go-kart – the…

read more

Attractions / Tourism / Venues

 
 

SeatGeek Asia Pacific

SeatGeek is a search engine and mobile-focused ticket marketplace that allows fans to buy and sell tickets for live events. As of August 2018, SeatGeek has exited the Australian, New…

read more

Entertainment / Sport / Technology / Ticketing / Venues

 
 

Sportybots

We are the leading providers of kids fun multi-sports programs for Sport and Recreation Centres. Programs cover twelve common sports as well as Gross Motor Skill Development and suit children from as…

read more

Fitness / Play / Recreation / Sport / Wellness

 
 

Quayclean

Quayclean are a national cleaning and waste services partner with proven results in the understanding and delivery of cleaning needs and challenges faced by facilities including; major venues and…

read more

Aquatics / Hospitality / Surfaces / Venues

 
 

revolutioniseSPORT

revolutioniseSPORT is the emerging market leader in online club management in Australia. Whether it is memberships, registrations, events, online sales or governance tools - revolutioniseSPORT is the…

read more

Recreation / Sport / Technology

 
 

24/7 Software

The world's greatest properties run on 24/7 Software Whether at commercial properties, corporate facilities, sports arenas, or public entertainment venues, we're proud to lead the way in…

read more

Entertainment / Security / Sport / Technology / Venues

 
 

IEDM

iEDM integrate Design, Engineering and Delivery Management services to convert existing spaces into exciting new entertainment venues. Our team consists of highly qualified professionals with diverse…

read more

Consultants / Design

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business