by business editor Trevor Sturgess

A bold plan by regulars to save their much-loved rural pub needs last-minute pledges of a further £50,000 to stand a chance of success.

More than a quarter of the population of the village of Otham, near Maidstone, have backed The White Horse Inn rescue bid, with financial donations amounting to £150,000.

The minimum share is £100, but some people have stumped up as much as £20,000. Donations have come from beyond the village, including Switzerland and Singapore.

But the pub, which has been shut since May, could sell for around £200,000 - less than the £250,000 guide price - when it goes under the hammer next Thursday.

Campaigners hope to raise a further £50,000 over the next few days.

Regulars formed a company to save the hostelry which was previously owned by a pub group. They want to turn it into a vibrant place serving good food and beer, and adding a shop and other community services.

In the face of statistics showing pub closures running at seven a week, they believe they can defy the trend by coming up with a model that will revive the business. But only if their bid wins in the auction run by Clive Emson at the Ramada Resort and Hotel, Hollingbourne.

Ron Gwinnett, from Gore Court Road, Otham, is one of the locals behind the campaign which has been put together in just a few weeks. He said: "It's been a huge effort and very inspiring.

"I've had so many people coming out and waving their cheques at me. It's vital we stop this erosion of amenities."

It is understood that there has been interest from a developer wanting the site for housing. But Maidstone council is likely to insist that the building remains a pub for at least two years.

John Middleton, from White Horse Lane, Otham, said that rent and other costs charged by previous owners had made it impossible for the pub to be viable but the economics would change if the group's campaign succeeded.

• A meeting is being held in Otham Village Hall from 7.30pm this evening to discuss the plan with locals and accept donations. Contact Mr Middleton on 07702 875197 for more details.