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 to breaking point. Yet Prospect continued to draw audiences to the Old Vic where other companies failed. In December 1978, the governors of the Old Vic agreed to a five-year contract with Prospect, announcing to the press on 23 April that henceforth they would be styled "Prospect Productions Ltd., trading as the Old Vic Company". Unfortunately Prospect's touring commitments kept the company out of the theatre for the first half of 1979, leaving the theatre to sink further into debt. The company returned in July with Jacobi's "Hamlet" (toured afterwards to Denmark, Australia and China, the first English theatre company