The council announced the news following extensive discussions with the theatre’s current operators, Trafalgar Theatres, and an invitation earlier this year for expressions of interest to provide long-term security for the theatre.
The executive agreement is subject to the completion of a legal agreement, with the successful bidder being named at that point.
Councillor Yvonne Bear, executive councillor for renewal, recreation, and housing, said: “This is very welcome news, not just for the theatre and everyone who values it but also for Bromley town centre as a whole and for council taxpayers.
“This is a compelling and exciting opportunity to secure the future of the theatre for generations to come.
“We look forward to working with the theatre and the developer in the coming months and will share more news when we can.”
The announcement follows confirmation last year that the theatre, constructed in the 1970s, is approaching the end of its design life.
Councillor Colin Smith, leader of Bromley Council, said: “I am absolutely thrilled to be able to report this massive step forward to securing Churchill Theatre’s long-term future, following the last year of hard work, negotiations, and planning behind the scenes.”
Councillor Smith continued: “We are now tantalisingly close to delivering on our promise to preserve and improve the theatre well into the 21st century, despite the scepticism and unpleasant scaremongering of some at the outset of this exercise, notwithstanding the incredible financial pressure engulfing public finances.”
Helen Enright, chief executive officer of Trafalgar Theatres, said: “We are excited about the future of the Churchill Theatre and will be pleased to work with the bidder to develop Bromley’s theatre offering.
“In the meantime, I would encourage Churchill Theatre goers to keep supporting us by coming to see our fantastic shows, including the forthcoming Christmas pantomime.”
Bromley’s central library will also be relocated to a more prominent location on the High Street at the vacant Top Shop premises near Market Square.
