New owner, Oliver Crossland, explained that the 92-seat restaurant would preserve some of Mr Chips' classic features - such as the tiles and light fittings - while other areas such as seating and decorations will be given a modern style.
Mr Crossland, 24, who also owns The Ranch Steakhouse & Grill in Queen Street, revealed that the Mr Chips restaurant and takeaway - previously owned by the Hagan family for over 100 years - will finally reopen its doors to customers on Tuesday August 7, and will serve food every day at lunch times and evenings.
Initially, the restaurant will focus on a traditional fish and chips menu, and this will later expand to include breakfasts, gluten-free fish and chips, and other specials in the coming months.
Mr Crossland said: "Everyone seems really excited for Mr Chips, I can't believe it. You don't always realise how much it has been a part of people's lives.
"I'm excited and nervous, and there's a lot of pressure on my shoulders because I want to bring Mr Chips back to its former glory.
"However, I'm confident in what we have done. Like with The Ranch, I relish it and I know this place will be a success.
"With the great team we've got here, and the reputation of the name, I'm sure we will live up to the hype.
"Mr Chips been here for 120 years with the Hagan family, and we're hoping to be here for another 120 years!"
Earlier this week, Mr Crossland met with previous owner John Hagan, who was sadly forced to close Mr Chips back in December 2015 due to ill health.
Mr Hagan said: "I think it's marvellous to see Mr Chips come back to life. Neil (Crossland) and Oliver have done a fantastic job fitting the place out.
"It looks totally different, and more modern and contemporary with the new colour scheme.
"I'm pleased the name 'Mr Chips' will be carrying on, with another local family running this local business. We feel very proud, it's a bit of an accolade for them to decide to keep our name and keep our logo. I will be definitely be popping in to the restaurant to give it a try!
"I wish Neil, Oliver, and their family all the luck in the world - although I'm sure they won't need it!"
For more information and updates, visit www.facebook.com/MrChipsLouth.