In 1896 the theatre was taken over by Robert Arthur of Glasgow, who in 1897 put all his theatres into a limited company quoted on the Stock Exchanges, the Robert Arthur Theatres Ltd. In 1912, following Arthur's bankruptcy, the shareholders appointed as chairman Michael Simons of the Theatre Royal, Glasgow, chairman and creator in 1895 of Howard & Wyndham Ltd. The direction and programming of the theatre, embracing plays, musicals, revues, opera and pantomime, now passed to Howard & Wyndham Ltd, chaired by Simons with its managing director Fred Wyndham, who would be followed in 1928 by A. Stewart Cruikshank after his King's Theatre, Edinburgh had joined the Howard & Wyndham group.