The Cottesloe Theatre at the National Theatre on the South Bank is to be renamed after Lloyd Dorfman CBE, founder and chairman of Travelex, in recognition of his £10 million philanthropic gift.
The National Theatre says that Mr Dorfman's donation will form the cornerstone of its £70 million fundraising campaign to improve Denys Lasdun's landmark building.
"I am a huge fan of the energy and innovation the National has achieved in recent years and am delighted to lead from the front in supporting its NT Future redevelopment," says Lloyd Dorfman.
"I have been privileged to play a leading role at the National Theatre over the past eight years, in particular with the pioneering Travelex £10 Tickets season which has made world class drama more affordable and accessible for increasingly large audiences.
"Last year the National was responsible for 30 per cent of the play-going across London theatre as a whole; following the introduction of Sunday performances and National Theatre Live, NT Future is the next step in the National's constant aim of welcoming new audiences and bringing them closer to the theatre – both the work on stage and behind the scenes."
Sir Nicholas Hytner, director of the National Theatre, added: "I couldn't be more grateful to him; it is entirely fitting that his family name will be associated with an auditorium which often plays host to our most innovative work, and whose redevelopment will transform our facilities to introduce theatre to generations to come."
The Cottesloe Theatre was named after Lord Cottesloe who served as chairman of the South Bank Theatre Board between 1962 and 1977.