As the original poster about The Capitol closing I did ascertain some information when it was first mooted. Picturehouse (and other cinema chains) did investigate and decided against it due to the listed building problems. So it is unlikely to revert to being a cinema.

Unless Wetherspoons receive a satisfactory price for the lease they will not pass the lease on. Maybe another pub chain or nightclub venue might be interested. I don't think this will happen soon.....