The Grade II listed building was previously known as the Regal Cinema during the 1930s and campaigners would like to see it restored to its former glory.
Although Franco Lumba has received a fine for lifting the floor, the organiser of the Save the Regal campaign, Richard Harrold, believes that its removal will make it easier to install underfloor heating.
Mr Harrold has based his opinion on restoration work which had been carried out on the Troxy theatre in London. He said the floor at the Troxy had to be re-laid so that it was flat, and that the floor at the Regal would possibly have been moved anyway.
The current owner of the building, CNM Estates, has plans to turn it into apartments with a restaurant, boutique and possibly a heritage centre. Mr Harrold and the other campaigners, however, want to transform the Regal into a theatre, with a cinema and concert hall. The 2,445 seat auditorium could also house a conference centre and exhibition space.
The chairman of CNM Estates, Wahid Samady, has said that he will consider any of the proposals put forward.
Restorations of historic buildings often include an installation of electric underfloor heating to provide sufficient heat for the building without increasing energy bills. A number of fundraising events will be announced shortly to help the campaign.