Plans for a major £70m overhaul of the National Theatre (NT), London, have received a £10m donation from board member Lloyd Dorfman.

The philanthropic gift from Dorfman - the founder and chair of Travelex - will is to form the "cornerstone" of the organisation's drive to raise funds for the NT Future project. London-based architects Haworth Tompkins have worked with the theatre on the proposals, which aims to open up the South Bank venue to more people.

Following the donation, the NT has revealed that the Cottesloe Theatre will be renamed the Dorfman Theatre upon completion of the redevelopment programme. Dorfman said: "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.

"Individual and corporate support is vital to building on London's leadership in the arts and I hope others will join me in wanting to build on the National's role at the heart of modern theatre and sustaining it long into the future." NT director Nicholas Hytner added: "When we were first introduced to Lloyd Dorfman in 2003, it quickly became clear that his far-sighted spirit and vision were a perfect match for Travelex £10 Tickets.

"But I never dreamt that his involvement with the National would have such a far-reaching and transformational effect."