Hopes to save a much-loved record store have been dashed.

A community group of investors has been unsuccessful in its efforts to take over Bridport Music.

It was announced last month that the shop faces closure, should a buyer not come forward, and a group of interested parties came forward with an interest in taking over the business as a community benefit society.

Following an initial public meeting at The Ropemakers, a steering committee was formed.

According to campaign co-ordinator Josef Davies-Coates, those who attended had experience in community fundraising, retail in the music market and business start-ups and finance.

Following a number of meetings an offer was put forward to the owners but 'regrettably' it was not accepted, said Mr Davies-Coates.

"In view of the shortness of the time period allowed for negotiations, it has not been possible to reach any resolution," he said.

“This doesn’t mean that this project is at an end. The objectives we set out are still valid. We’re now looking for ways to set up a new music shop, potentially operating from different premises, to carry on some of the activities of the previous Bridport Music shop.

The advantage we have now is being able to start from a ‘clean slate’, enabling us to focus on ensuring the provision of the community benefits we initially sought.”

The group is planning another public meeting. Anyone who would like to attend this meeting is invited to complete this short survey: http://bit.ly/BridportMusic

Bridport Music is expected to close at the end of October unless another buyer is found.

Steph and Piers Garner, who currently run the shop and have done for more than four decades, announced in July they had come to the end of a 'long and winding road' after putting their 'heart and soul' into running the business.

The couple, who have been trying to sell the business for a couple of years, said they are ready to move on to the next phase of their lives.

The announcement was met with sadness from the community, with many people sending their well-wishes to to the well-known couple.