In 1909, however, Matcham carried out a further "extensive scheme of reconstruction" at a cost of £10,000. Christopher Brereton has stated that "The baroque style plasterwork is unmistakably typical of this date. There are two rows of slightly curved balconies, the first of nine rows, and the second a gallery with ten rows of padded benches. The four supporting iron columns probably survive from Phipp's auditorium, and were made use of by Matcham in his reconstruction. The balcony fronts are decorated with cartouches and heavily modelled festoons. On either side of the proscenium are two superimposed boxes flanked by elaborate cartouches set in front of large inverted shells. The splendid circular ceiling is divided is divided into four framed panels. The proscenium is rectangular and flanked by slender columns carrying scrolled brackets".

Some further modifications occurred in 1910. A Town Council Minute dated 17th January 1910 states that "The Committee has also before them a plan of proposed alterations on the building in Guild Street formerly known as "Her Majesty's Theatre", for the "Tivoli", (Aberdeen Ltd.,) per Messrs. Frank Matcham and Company, Architects, London."

It would appear that "It was intended to make extensive structural alterations on the building, for the purposes of converting it into a music hall; that when the alterations were carried out, the building would be greatly improved, and would provide accommodation for 1.148 persons. The report further stated that eleven exits would be provided, viz: ten into Guild Street and one from the stage into Trinity Street"

On Monday, 18th July 1910, the Tivoli opened with a Grand Opening Matinee at 2.30pm.

Twenty-eight years later, the theatre changed hands. "A recommendation to sell the Tivoli was considered by the shareholders at an extraordinary general meeting of the company on 10th May 1938". Although sharply divided they decided by six votes to five to accept the offer of £9000 from Glasgow theatre agent James Collins.

At this point, the Tivoli closed for a face-lift and re-decoration. When it re-opened on 18th July 1938, patrons were delighted to see, "A cream and gold colour scheme for the walls, ceiling and round the proscenium gives a cheerful effect without gaudiness. An atmosphere of comfort is at once created by the deep, warm red that pre-dominates in the seat upholstery and the luxurious carpeting that has been laid throughout the building".

Littlejohn states that "The reduced 1049 capacity comprised five rows of fauteuils for 108, behind which the nine rows of pit stalls sat 236. Three rows of 92 seats in the Grand Circle, handsome boxes completed the picture in the gloriously extravagant auditorium made brighter by the decorator and new lighting effects".