It is hoped that the cut-price chain, which currently has two branches in Glasgow, will be ready to open for business in two weeks' time.

The news brings to an end months of speculation, and provides a timely boost for Cupar's commercial centre.

The site has been empty since Woolworths bade its emotional farewell in January — a situation that is believed to have had a negative effect on other traders in the area.

Daniel Elsom, a buyer for Pound-Mart, said the company was "very excited" to be opening a branch in Cupar.

He told the Fife Herald: "Whereas pound stores traditionally have a bad name, we want to be known for selling quality products — including high street brands — at low prices.

"Woolworths was the heart of many towns and our goal is to recreate their value and variety.

"We'll have hundreds of thousands of products — even some fresh food and traditional pick and mix."

Independent Cupar councillor Bryan Poole welcomed the news, describing it as "great for the town".

Councillor Poole said: "The very fact that the shop is going to be filled is good news.

"It's in a very prominent location, which will bring people into the town out of curiosity.

"Hopefully that will lead to more people spending money in Cupar."

It has been confirmed that several staff members from the old Woolworths store are to be kept on by Pound-Mart, including manager Kate Fitzpatrick.

Kate — who managed the store for 15 years — said: "We're really looking forward to getting started.

"It's good to be able to tell the old Woolworths customers that someone's moving in here, especially as we'll be selling a lot of the same things."

Shop fitters moved into the site earlier this week, but it is expected to be another fortnight before the store is ready to open to customers.