I sold my business for £150m – it was the worst decision I ever made, says theatre impresario Paul Gregg

Impresario Paul Gregg is the founder of Apollo Leisure Group, which he has built into one of the UK’s leading live entertainment businesses, writes York Membery.

The 82-year-old grew up in a Yorkshire council house but became the boss of a business that included iconic venues such as London’s Lyceum and Dominion theaters, which presented hit shows such as The Lion King and Grease.

The father-of-four, who sold the Apollo Leisure group for more than £150million in 1999, became part-owner of Everton football club from 2000 to 2006.

Gregg, who has just published his memoirs, lives in South Kensington with his third wife, Yoshiko.

What did your parents teach you about money?

I was a war baby and only met my father, Kenneth, a corporal in the Green Howards, when I was almost five, in 1946. He spent a few years as a prisoner of war.

On his return to civilian life he was an engineer and, although reasonably paid, money was limited.

I grew up in council houses in Scarborough and Hull, one of three (my siblings are now dead) and close to my mother, Joan. My parents instilled in me the determination to be the best at whatever I did, whether it was a trash can or a postman.

Sadly, Mom never recovered from giving birth to a stillborn baby in her late 30s and died of kidney failure at the age of 42.

Have you ever struggled to make ends meet?

I used the £500 deposit on a house I bought with my second wife, Nita, to fund a gig in Sheffield. Ticket sales were terrible, but we were legally obligated to continue with the concert and therefore lost the deposit. Luckily, Midland Bank agreed to lend us the £500 we needed to complete the purchase, otherwise we would have been in real trouble.

Have you ever received ridiculous money?

My fellow Apollo directors and I, along with the concert producer, shared a seven-figure dividend after promoting Michael Jackson’s Bad tour of Britain in 1987. He performed seven concerts at sold out at Wembley Stadium and more than a million people saw it on the UK leg.

But my biggest payday came after Nita and I sold the Apollo Leisure Group to US giant SFX for more than £150 million in 1999. I now regard it as the worst business decision of my life – had we kept all our assets for a certain period of time. decade, the company would have been valued at around half a billion pounds.

What was the best year of your financial life?

The year I look back on most proudly is 1996, when Prince (now King) Charles visited the newly restored Lyceum Theater to see our first show, Jesus Christ Superstar. I had bought the hall for £1 million in 1993 and we spent £14 million renovating it. Some people said we (the Apollo Leisure Group) were crazy to spend so much, but it’s been hosting The Lion King for 25 years. Every time I pass the building I feel a sense of quiet satisfaction.

The most expensive thing you’ve bought for fun?

I’ve owned a few Bentleys over the years but the engine that has given me the most pleasure is my second-hand Porsche Cayenne which cost £30,000 in 2014. It’s safe to drive but packs a real punch ”, and I can leave it outside our apartment – ​​it won’t be stolen because it’s ten years old.

Beat it: Michael Jackson on the Bad tour in 1987

What is your biggest financial mistake?

Stage production of Camelot at the Apollo Victoria Theater in London, early 1980s. Richard Harris demanded £40,000 a week (£175,000 today) to play the role of Arthur, but critics hated the series . There was a drop in ticket sales and we had to close the show after ten weeks. Our losses were £750,000. Being one of Everton’s co-owners also proved to be a bumpy ride, but I still came away with a profit on my £7.5 million investment.

Best financial decision you’ve ever made?

Purchase of our first venue, the Apollo Manchester, in 1977. Money poured in and allowed us to purchase a series of other venues such as the Hammersmith Apollo.

Earlier, they booked Morecambe and Wise – who insisted on having separate dressing rooms – to appear at the Southport Theater in the mid-70s. They may have demanded 95 per cent of the box office takings, but I learned that if you spend big on talent, you usually get the money back.

Do you have a pension?

Only a state pension, but we sold the Apollo Leisure group for a lot of money, so I’m not broke.

Do you own property?

A three-bedroom apartment in South Kensington, which I bought for £4.5 million in 2012. The area has changed over the years, but it’s close to the West End and is safe.

If you were chancellor, what would you do?

Put a tax on online purchases. The Internet is killing commerce: people see a product in a store and then buy it online.

What is your number one financial priority?

To ensure that after I leave, my wife enjoys the same standard of living as she does today.

• Backstage Without A Pass by Paul Gregg is published by White Fox on April 25, priced £24.99.