Arlena Thornton and Danni Moore have been on the board of directors for a number of years.
The women have been appointed as co-managers and plan to revamp elements of the build and bring the theatre into the modern era.
Arlena, 28, said: "Over the past decade or two, the theatre has been unfortunate to go through some really turbulent times in surviving and remaining open. Because of this, a lot of time and money has been put into the survival of the theatre which has left the reputation to grow of a cold, old fashioned, and in some areas, a falling apart venue.