Error in theme options dashboard on update

I updated to the latest version 1.7.5 using Cpanel upload as normal theme upload didn't work. The site is http://www.roofersstokeontrent.co.uk The error I get looks like this. There are many lines like this above the theme options panel.

Deprecated: Function ereg_replace() is deprecated in /home/cheapweb/public_html/roofersstokeontrent.co.uk/wp-content/themes/localbusinesstheme/functions/admin-interface.php on line 815

 

Hello,

Could you please provide the following information listed below.

Thread Link: http://www.inkthemes.com/community/threads/error-in-theme-options-dashboard-on-update.11690/
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