It is impossible to watch Dick Whittington without transposing its mayoral mayhem on to real-life events. Producers know this: it is no accident that Dicks have been spotted all across the capital this festive season. Ken Livingstone may find Richmond Theatre's spin on the hoary fairytale instructive, even if Keith Simmons's script parallels him not with the eponymous hero, but with the villainous, verminous King Rat.

"I once ruled London with a rod of iron," cackles the outsize rodent, now bent on reclaiming his lost eminence. In his way stand Darren Day's dashing Dick, Melanie Stace as an independent Alice Fitzwarren (her dad, the Alderman, has been written out, like Jeffrey Archer) and Marti Webb as Fairy Bowbells.

It is a matter of civic pride Britain-wide: who has got whom in their panto. What Richmond lacks in former soap stars, it more than makes up for in light entertainers. Paul Burnham as Idle Jack gets a dig in at a local rival. "Didn't you go to their panto?" he asks an infant volunteer from nearby Wimbledon. "Leslie Grantham not good enough for you?"

I happen to think that pantomime, for all the derision heaped upon it, has much to teach more hallowed forms of theatre. But Richmond's effort, directed by Martin Connor, is fairly pedestrian, and imagination tends to cede to formula.

Few demands are made on dishy Day and "best legs on television" Stace's talents. Day ambles through it all with his trademark blokish insouciance, as if eager to prove that he is cooler than his career suggests.

The music is mostly of the jukebox variety. Queen's Don't Stop Me Now heralds Dick's appearance. His fairy godmother sings Lloyd Webber - and she is supposed to be a goodie! - while his mayoral fantasies play out to the tune of Somewhere Over the Rainbow. Note to Mr Livingstone: "The dreams that you dare to dream really do come true."

Red Ken would approve of little else. The cast promote their sponsors' chocolates. Morocco, to where our adventurers travel, is a superannuated stereotype. At least the puns flicker with life: "Do not call me 'mate', just kneel!" orders the Sultan. "Sorry, Neil," says Idle Jack. Luke Baxter makes a lithe, menacing King Rat with a satisfyingly malevolent laugh.

But the evening's most authentic expression of ruthlessness came from the audience. "What shall we do to him?" asks Dick of his too-easily vanquished foe. Cue the attendant kids, as one: "Kill him!"

• Until January 23. Box office: 0181-940 0088