[2][3] Representative Dale Heenan cautioned that structural and maintenance reports showed the theatre required major investment.

Proposals have outlined that the existing Wyvern Theatre will be retained, but repurposed as a performing space for community arts groups.

[8] On 3 September 2006, it closed temporarily after the discovery of traces of asbestos in the venue's offices and roof void during a routine inspection.

It remained closed until September 2007 and the opportunity was taken to refurbish the venue, bringing new decor, bars, cafés, disabled entrances and new seating at a total cost of £1.3 million.

[citation needed] The Wyvern was one of 11 venues in England managed by HQ Theatres, a company which was acquired by Trafalgar Entertainment in March 2021.