Kevin Spacey has revealed plans to step down as artistic director of the Old Vic in 2015, and aims to raise £20million for the historic venue before he leaves.

Speaking to the Telegraph recently, Spacey, who was previously rumoured to be stepping down after the current season, said: "I'm now planning to leave in 2015 and am determined to raise £20million by then as an endowment fund to make the theatre fit for the 21st century."

"We can then use the £20million to give us £1million-a-year income to help refurbish the theatre – like more ladies loos and more bar room."

Spacey took over at the South Bank venue in 2004, relaunching it as a producing theatre under the banner of the Old Vic Theatre Company. Despite a rocky start, his tenure has grown increasingly successful, with recent hits including the box office record-breaking revival of Michael Frayn's Noises Off.

Reflecting on his early struggles and critical flops, the Oscar-winner said: "I can’t quite believe what has happened to the Old Vic."

Recent fundraising efforts for the Old Vic have included turning the annual 24-hour plays gala into a musical extravaganza, and using the premiere of his new series House of Cards to raise money for the venue.

Currently at the Old Vic, Kiss Me Kate continues until 2 March and is followed by a revival of Terence Rattigan's The Winslow Boy, which opens 8 March.

Come on our Whatsonstage.com Outing to The Winslow Boy on 11 March and get a FREE programme and drink - click here for details