It was established in 2009, but following the cessation of funding in April 2024, it closed in December 2024, with its community work being carried on and evolved to become its own charitable organisation, TEAM Collective Cymru The National Theatre of Wales, known as National Theatre Wales (NTW), was founded in 2007 following an agreement between the Welsh Government and Plaid Cymru, aimed at establishing an English-language national theatre for Wales.

Finally, a consensus emerged, bringing together the political will and muscle of both Labour and Plaid Cymru, the consistent advocacy of key individuals within Arts Council Wales (ACW), and a shared understanding among the informed public that the formation of the company was imperative and time-sensitive.

[2] In 2018, 41 Welsh dramatists signed an open letter criticising the company, calling for it to reform, particularly limiting itself to only produce theatre.

The letter expressed concern with the company's "lack of scrutiny, transparency and openness", leading to a "worrying internal culture" claimed to diminish its "theatrical identity" and even its Welshness.

[3] On 27 September 2023, the Arts Council of Wales announced that revenue funding for the company would cease from April 2024.