The building was damaged during a serious fire in 1972. It was the headquarters of the Municipal Borough of Loughborough but it ceased to be the local seat of government when the Borough of Charnwood was formed in 1974. The building was converted into a theatre to the designs of Goodwin, Warner and Associates between 1973 and 1974. An extensive refurbishment of the building, which was undertaken by G. F. Tomlinson at a cost of £5 million, was completed in November 2004.