Liverpool City Council (LCC) has announced that it has reached agreement with David Ramsey to extend the underlease of the city's Neptune theatre to 12 years.

It is hoped the deal will ensure the historic venue is more attractive to potential operators which have a long-term vision for the theatre. A £155,000 offer from Ramsey on behalf of Hanover Estates for the lease of the theatre building has also been accepted by LCC, which will run for 135 years.

Meanwhile, Nobles Construction has started preparatory work on the venue's interior as part of a £750,000 refurbishment programme. Work on the external renovation is due to get underway in January once the paperwork is finalised between the relevant parties.

LCC leader Joe Anderson said: "The re-opening of the Neptune has long been one of my personal priorities - and completing this deal has brought it another step closer to reality. "This new, 12-year arrangement will give the chosen operator the time and scope they need to fully realise their vision and create a first-class venue."