The company was founded on 5th May 1922 by a local reverend, Mr W. A. Constable and his wife after a meeting in the neighbouring town of Warwick. The original group was called The Warwick and Leamington Dramatic Study Club and its intention was the study of plays and poems just as much as the performance of them. In these early days the company did not have their own premises so they used various locations around Leamington including the local college, the town hall and The Jephson Gardens. The company moved into its first home, a barn, in 1932. It was from this venue that it got its affectionate name, now its official name, The Loft (after the hay loft in the barn).
The barn was used for nine years after which the company again went 'on tour' until a suitable new venue, the Victorian Grand Pavilion, was found. Situated by the River Leam in the centre of the town this is the current site of the Company although two fires in 1958 and 1964 meant that the current theatre building was not opened until 1968.