Due to rising costs, the Company was disbanded, and closed in 1982. Three years later, Richard D'Oyly Carte's grand-daughter Bridget died, leaving a legacy of 1 million pounds. Richard Condon was hired as General Manager, and secured generous sponsorship from Sir Michael Bishop and BMI British Midland Airways. In 1988, the company re-formed, presenting new productions of "Iolanthe" and "The Yeomen of the Guard".