Of the options being considered, two have emerged as front runners to be explored further before the trustees’ next meeting on May 18.

The first of these involves moving the Theatre Museum’s collection and activities from their current location in London’s Covent Garden to the Victoria and Albert Museum, which owns the Theatre Museum’s current building.

The resulting savings would be used to develop the collection, which would receive a permanent space at the V&A in South Kensington. The Theatre Museum’s archives would remain at Blythe House in West London.

The second option involves a partnership with another, unnamed, organization that may be interested in using the Theatre Museum’s current site, allowing the museum to continue to stage displays and educational activities in Covent Garden.

V&A Director Mark Jones said, "We understand the concern within the theatrical world over the future of the Theatre Museum and are considering several options to ensure that the collections remain as widely seen and used as possible." The crisis has been prompted by two failed applications for lottery funds to upgrade the Covent Garden building, which has housed the Theatre Museum since 1987.