Young Vic the entire faculty resigned from the Old Vic, but in 1969 Frank Dunlop became founder-director of The Young Vic theatre with his free adaptation of Molière's "The Cheats of Scapin", presented at the new venue as a National Theatre production, opening on 11 September 1970 and starring Jim Dale in the title role with designs by Carl Toms (decor) and Maria Bjornson (costumes). Initially part of the National Theatre, the Young Vic Theatre became an independent body in 1974. In the words of Laurence Olivier, then director of the National Theatre: "Here we think to develop plays for young audiences,
The Old Vic South Bank, opening in 1976. The Old Vic then became the home of Prospect Theatre Company, at that time a highly successful touring company which staged such acclaimed productions as Derek Jacobi's "Hamlet". However, with the withdrawal of funding for the company by the Arts Council of Great Britain in 1980 for breaching its touring obligations, Prospect disbanded in 1981. The theatre underwent complete refurbishment in 1985. In 2003, Kevin Spacey was appointed artistic director, which received considerable media attention. In 2015, Matthew Warchus succeeded Spacey as artistic director. The theatre was founded in 1818 by James King and Daniel