Andrew Lloyd Webber has reportedly told the Daily Mail's Baz Bamigboye that his Really Useful Theatres group is "close to acquiring" the St James Theatre in Victoria.
The theatre would be run as a not-for-profit venue for the development of new musicals.
Speaking to Bamigboye, Lloyd Webber explained that it would be great to have a venue in London to try out new shows in. The composer workshopped School Of Rock - which opened on Broadway this week - at the Gramercy Theatre in New York and noticed that there isn't an equivalent venue in London.
Robert Mackintosh (the brother of Cameron Mackintosh) is currently the Executive Producer of the St James Theatre. James Albrecht is the Creative Director whilst Marc Brown is the Executive Director.
Really Useful Theatres currently own six West End venues including the Adelphi (home of Kinky Boots), Cambridge (home of Matilda), Her Majesty's (home of Phantom of the Opera), London Palladium (home of Cats), New London Theatre (home of War Horse) and Theatre Royal Drury Lane (home of Charlie and the Chocolate Factory).
Following its Broadway premiere, earlier this week it was announced that Lloyd Webber's musical adaptation of School Of Rock will transfer to the London Palladium next year.