THE ongoing saga to save Hill Paul looks like it could finish with a fairy tale ending.

Shareholders who formed Hill Paul Regeneration Ltd to save the one-time factory building appeared to have lost their cash but took some consolation in knowing the building had been saved.

But now Chelbury Homes, the new owner of the building and surrounding site, is offering to offset the money raised by the campaigners against the cost of flats.

"These people saved Hill Paul and really that's all it's about," said Julian Magee, managing director of Chelbury Homes, set to become new owner of Hill Paul.

"It's a lovely building and I'm so lucky to get hold of it.

"If it wasn't for them that building would be down for now and lost forever.

"This is just my way of saying thank you."

Individual shareholders will be invited to take their own share and use it as a deposit on a flat in the building and any remainder can be pooled and used to buy a shared flat.

* For more read this week's Stroud News & Journal