Lydney Town Hall has been saved from closure thanks to the 11th hour emergence of a local businessman who has agreed to shoulder its crippling debts.

The Hall, which has recently been days away from being shut down, will now be marketed to concert promoters as a venue for bands and other events.

The Hall's Trustee Management Committee recently revealed that it was facing a financial melt-down unless £5,000 could be found to keep the business afloat.

But after a meeting of the hall's trustees on Monday night, chairman Colin Knight said he is confident the new backer will save the day.

"He does not wish to be identified at the moment, but he is a well known local businessman who wants to see the hall continue," he said.

"But he has made it quite clear that it has to be run as a viable business which is how we are approaching the future. Forget sentiment, forget heritage, it has got to pay its way.

"At Monday's meeting we came up with some radical new ideas and, over the next few weeks, we will start to enact these. You could say that we've loaded the ammo box and soon we'll start firing the bullets.

"We will be trying to encourage promoters to put on their own events and hopefully make a profit. Then we will be happy to take the fee for hiring the hall and the profits from catering and bar sales.

"We feel there is a definite need for the hall but that not enough people are aware its there, so we need to promote it on that basis.

"I am feeling very happy and positive now about the situation and I am now confident we can move it forward as a going concern.