Banner's House Hotel on Markinch High Street was shuttered two years ago by owner Kevin Penman after being ordered by a tribunal to hand over £7,600 in unpaid wages to employees.
The building has now been purchased by Glenshire Hospitality Ltd, a company owned by retailing brothers Harris and Amir Aslam. The pair operate the Green's chain of convenience stores throughout Fife and also ran the Wayfarer's Inn elsewhere in Markinch before it was demolished last year.
Amir Aslam represented the company at a licensing hearing at Fife House on Monday, where councillors voted to grant a new premises licence allowing the sale of alcohol under the new owners.
He told the Fife Licensing Board that the pub would be a good neighbour to locals, despite concerns over the level of noise late at night.
The re-opened Banner's, he added, would be targeted towards an older class of patrons, with fashionable drinks such as cocktails not being part of the offering.
Aslam said: "I'm confident there won't be an issue with noise. We won't empty glass bottles at night - we'll do them in the morning. That way there's no disturbance.
"We'll call last orders half an hour before closing to stagger leaving times, and noise at the rear area will be kept to a minimum. Even smoking breaks will be done at the front.”
Four formal objections had been submitted, including one regarding any noise late at night from younger patrons.
The application was approved unanimously by the board.