The renamed theatre will host the musical Fourteen Again in May next year which uses songs created by Wood.
Glossop and Scott, who run the theatre, said they had been “firm friends” with Wood.
They said it was “very special” to be renaming the site.
Scott said: “A friendship and, at times, a working collaboration over more than 40 years makes me feel we have completed the circle.
“Vic was always so supportive of all our ventures but the place they all emanated from – or ended up at – was this theatre and building so we will hang the signs with pride and continue to present and produce work in this venue for the foreseeable future.”
