The need to make major repairs to the building was first identified after the Bicentenary of the theatre in 1992. The Guild quickly began looking at their options and soon began planning a major refurbishment project.
After much campaigning and fundraising, the theatre was set to be completely renovated in the early 2000s. The plans would see the interior of the theatre completely rebuilt from the ground up, installing several new spaces and entire extra storey on top. After funding was withdrawn in 2003, however, the project stalled.
After regrouping, the Guild managed to secure support from new sources and instead of planning on building new facilities upwards, they looked towards expanding outwards. Adjacent buildings were purchased and renovation work began in 2014, completed by the end of 2015. The newly refurbished building includes several new spaces while maintaining many of the historic features, ushering Scotland’s oldest theatre into the 21st Century.