T-Squared Social is backed by shareholders Justin Timberlake and Tiger Woods, who already operate an established dining and entertainment venue in Manhattan.

The plans were aimed at establishing the New Picture House as a social hub for St Andrews, and today’s announcement will help ensure the long-term viability of the historic cinema.

Two of the three screens and 345 Cinema seats will be retained, including the main auditorium, with improvements being made to both seating and technology in order to improve customers’ viewing experience.

New dining and entertainment offerings will be created including a functional and flexible space encompassing a range of sports simulators including golf, rugby, lacrosse and football.

The exterior of the building will remain unchanged, including the name above the door.

Craig Gunderson of Savills Planning commented: “Like many independent cinemas, The New Picture House has been faced with sharply falling customer numbers and was faced with a decision to close or adapt. The approved alterations and enhancements to this listed and much loved 1930s building will celebrate and protect the legacy of The New Picture House for generations to come.”

Savills Retail and Leisure Director John Menzies believes we can expect to see more blending of cinema, entertainment, food and beverage uses across our towns and cities as operators respond to the major changes taking place in the industry. He said: “It is encouraging to see the cinema in St Andrews being saved from closure, and refurbished, by T-Squared Social as part of their investment plans for the building.”

The new chapter for the venue will deliver enhanced employment and economic investment in the town.