Theatre mogul Andrew Lloyd Webber yesterday cleared what has been described as "the biggest mortgage in Britain" after reaching an agreement for a refinancing of his company's debts.
In November last year, Lord Lloyd Webber borrowed £35 million on his personal property to speed through the acquisition of 50 per cent of his musical theatre company The Really Useful Group from private equity firm Bridgepoint.
The deal with Bank of Scotland refinances all of the company's debts through a new £150 million banking facility. This includes the repayment of bonds following the purchase of a number of West End theatres including the London Palladium.
Lord Lloyd Webber said: "It's a marvellous feeling no longer to be known as the man with the biggest mortgage in Britain."