Infrared JHK photometry from October 1998 revealed a remarkable change in the Be/X-ray binary system A0535+26, manifesting itself as a dramatic reduction in emission from the circumstellar disc. Optical and IR spectra presented here have confirmed this disc-loss in greater detail showing radically reduced Hydrogen and Helium line emission, to a degree never before seen in this system, and only rarely in a handful of Be/X-ray binaries. Optical spectroscopy has revealed the re-appearance of a small, stable inner disc, and IR spectra/photometry show the eventual regrowth of a robust circumstellar disc resembling the pre-disc-loss state.