The New Olympus Theatre was originally known as Palmers Picturedrome It was opened as a cinema on Monday the 15th January 1923. The cinema was built by Mr E.C.G Palmer of Palmer's Bakeries, with seating for 700 people. On the opening day a film called 'Fascination' starring Mae Murry was screened. The programme on that day included 'Pathe Gazette' and a full orchestra, which played at every performance.

The cinema was owned by the Gloucester Cinema Company but in 1942 was, according to council minutes, Trafalgar Film Corporation. Twelve months later the cinema was then taken over by the ABC chain. Twelve years later, on the 28th March 1955 they applied for and were granted cinemascope. On the 16th May 1955 the cincma's name changed to 'The Ritz'.

The first film on the new screen was called 'A Star is Born'. Because of decline in the cinema industry the Ritz became unprofitable, and on the 4th April 1961 it was announced that the cinema would close on Saturday 8th April 1961. The last films were shown on the 6th April. They were 'The Cossacks' and 'The Kettles on Old MacDonalds Farm'.

Later, however, the council was concerned at the reduction of entertainment facilities in Gloucester and asked ABC to re-open The Ritz. They agreed and it was re-opened on Sunday the 11th June 1961.

Although many people came to see Elvis Presley in 'Flaming Star' the re-opening was not a success. On Saturday the 3rd March 1962 it closed down again. The last film shown was 'The Young Ones', which starred Cliff Richard.

Later, in 1984 Gloucester Operatic and Dramatic Society (G.O.D.S) took it over and made it into the tneatre it is today. They purchased it for approximately £100,000. The first play performed in the new Theatre was "Fiddler on the Roof" on the 17th March 1986.

In January 2001, the Theatre installed cinema equipment and once more became a leading venue in Gloucester for cinema and live Theatre.