The Bishop & Wolf will open before Gig Weekend with a "fresh new look and offer".
The pub on St Mary's has been closed since October 5th when the previous tenants left, while "advanced talks" with prospective new tenants collapsed in the New Year. St Austell Brewery also offered £1,000 for any islander who could recommend a suitable couple.
The brewery's Retail Operations Manager Ashley Rudd has now told This is Scilly News that it will be up and running again in the near future.
He said: "We will be opening the pub shortly, certainly before the Gig Championships. It will reopen with a fresh new look and offer.
"The offer will focus on great handcrafted Pizza, ale and cider served in the unique environment of the Bishop and Wolf. We will create real British pizza from a freshly stone-baked base combined with a variety of delicious toppings.
"To complement this we will offer a fine range of craft beers and ciders as well as great wines, spirits and soft drinks. We also offer great tasting coffee blended exclusively for St Austell Brewery. Our 100% Arabica coffee beans are blended together and hand roasted in Cornwall to create a coffee that’s medium bodied and packed full of flavour."
Atlantic Inn boss Neil Moorton will also manage the Bishop & Wolf.