The Royal Exchange Theatre was founded in 1976 in the old Cotton Exchange in Manchester by a group of artistic directors — Michael Elliott, Caspar Wrede, Richard Negri, James Maxwell and Braham Murray — a group whose origins lay in the 59 and later 69 Theatre companies whose work had had such an impact first in London and then Manchester. In 1979 the artistic directorship was augmented by the appointment of Gregory Hersov who remains, along with Braham Murray, the last surviving member of the original group. On 15 June 1996 the IRA detonated a massive bomb in Manchester city centre, 50 metres from the exchange. Damage to the building was extensive, making performances impossible. The refurbished theatre was re-opened on 30 November 1998 by Prince Edward. The Royal Exchange Building and the theare itself are reputed to be haunted. One of the ghosts is reputed to be that of the actor and founding artistic director, James Maxwell. Another is that of a maternal Victorian lady, well dressed and with "a passion for drink".