The opening of the Old Vic's first play in almost 18 months marks the beginning of a brighter future for the theatre.

Home, which opened on December 27 in the theatre's Studio performance space, will run until February 1 and then a host of other productions will follow.

Highlights at the theatre in 2009 include productions of Romeo and Juliet and Samson and Delilah and involvement in Bristol's annual Slapstick Comedy Festival.

In October, Bristol Old Vic unveiled plans for a redevelopment programme.

This will involve the company staging plays at its home at the Theatre Royal on King Street before moving to a temporary home in 2010, while the theatre is fully refurbished.

The company is interviewing candidates for the positions of artistic and executive directors in January after being inundated with applicants.

They will join Dick Penny, the new chairman of the company, to see the theatre through its redevelopment.

Mr Penny announced his appointment as chairman of the theatre's board of the trustees in February.

After the theatre closed its doors for refurbishment in August 2007, its future looked bleak, but its reopening and the plans to develop it were made possible after the company secured funding from Arts Council England and Bristol City Council, and because basic building work such as repairing the leaking roof has been completed.

The Old Vic hopes to raise £19 million, of which at least £6.1m has already been collected, for the rest of the theatre refurbishment.

Speaking in October, Mr Penny said: "My vision is for this theatre to be Bristol's Old Vic, rather than the Bristol Old Vic. It has to be for everyone.

"Last year the theatre shut abruptly and its future was beset with doubt. The extraordinary show of public support at the packed public meeting in January 2008 began the rebuilding process."

The three-phase programme to redevelop the Theatre Royal complex is set to involve:

Phase one – Repair work will continue at the theatre as productions are staged during the first phase, and further refurbishment plans will be finalised.

Phase two – This will begin when the Old Vic's fundraising target is reached, and will see the company move to a temporary home in 2010. A venue has not yet been confirmed. This phase is expected to take about two years and the company will remain active throughout that time.

Phase three – The Old Vic company will return in the final phase, which Mr Penny hopes will be begin in 2012, to open the redeveloped complex – with repaired electrics, improved audience comfort and five performance spaces instead of two.