People who dislike musical theatre often complain that it is pretentious, overhyped and blandly formulaic, and it’s these vices that inspire Gerard Alessandrini’s satirical revue, now making its third and splashiest appearance in London after 27 mostly triumphant years in New York.

Its present version, significantly freshened up by director Phillip George, positively rattles along, burlesquing among other things the potty-mouthed puppetry of Avenue Q, Sarah Brightman’s soaring vocals (and Susan Boyle’s), the sultry excesses of “one-note” Liza Minnelli, the noisy concupiscence of Spring Awakening and teenage excitement over Daniel Radcliffe’s magical properties. There’s also room for digs at two of the Menier Chocolate Factory’s recent successes, A Little Night Music and — in a joyous singalong finale — La Cage aux Folles.

The parodies are hardly subtle but their details are cannily observed. And they are mostly very funny — much funnier than précis can convey — addressing broader issues (punchy West End prices, the fashion for projected scenery, endless revivals) amid the pointed specifics.

It’s worth emphasising that the show pokes fun at the good as much as the bad: there’s an implicit relish of the theatre and of musicals specifically. Stephen Sondheim and Les Misérables are mercilessly sent up, for instance, but there’s a core of reverence beneath the lampoon.

Animatedly accompanied by musical director Joel Fram on piano, the four performers show fine versatility, with Anna-Jane Casey and Steven Kynman the standouts, while Alvin Colt’s costumes ensure laughs before a note’s been sung.

Undoubtedly, it would be possible to balk at the show’s sheer knowingness. We’re meant to grasp exactly what’s being mocked — and to feel pretty smug about doing so. Some won’t. But the verve and vocal excellence of the performances ensure broad appeal, and Forbidden Broadway should be another big success for this little Southwark powerhouse.

Until 13 Sept (020 7907 7060).