Madame Tussauds sold
23/03/2005 - 10:29:55Madame Tussauds and a host of major theme parks were sold today in a £800m (€1.1bn) deal with an investment firm controlled by the government of Dubai.
Charterhouse, the venture capital group, agreed to dispose of Tussauds Group after six years of ownership in which the business has expanded worldwide.
In the UK, Tussauds operates the London waxworks museum as well as the theme parks of Alton Towers, Chessington World of Adventures and Thorpe Park. The group also has a one-third stake in the London Eye, which it operates.
The new owner of the group is Dubai International Capital, a government-backed private equity group set up in October to develop assets worldwide.
It has pledged to retain the existing management team and further expand the business, which has attractions in New York, Las Vegas and Hong Kong.
The deal will net a combined windfall of £30m (€43.2m) for 70 Tussauds managers who own a 15% stake in the group. Three senior directors, including chief executive Peter Phillipson, are expected to re-invest at least half their stake in the newly-owned business.
Tussauds originated in 1802 when Madame Tussaud brought her waxwork collection to London.
The attraction – enjoying a revival in popularity because of more interactive displays featuring the likes of Kylie Minogue and David Beckham – is also found in New York, Las Vegas, Amsterdam and Hong Kong.
Mr Phillipson said today there were plans to look for a sixth city centre site as part of growth plans under the new owners.
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