The project is adjacent to, and compliments, the £20m mixed use development on the Floral Hall Gardens site, all designed by architects NJSR, which will include a new public plaza, bars, restaurants, casino, exhibition space as well as a 135-room four-star hotel.

When completed, the refurbished theatre complex will comprise ultra-modern conference facilities, including a new convention suit.

NJSR partner David Chapman said: "Southport is carving itself a strong reputation for its outstanding redevelopment works, and this exciting initiative will help catapult the town into the country's premier league of tourist destinations."

It is thought work will be completed later this year.

Southport-based NJSR, which also has an office in Manchester, was asked to produce the project's designs by scheme developer and urban regeneration specialist Neptune Developments.

NJSR believe the project could create up to 500 jobs and help act as an important economic catalyst for the town and surrounding region.