A THREATENED landmark in Stroud's town centre is not be out of the woods yet but things are looking more hopeful for the beleaguered building.

The wrecking crew was due to have moved in on the imposing red-brick Hill Paul former clothing factory at the end of February but so far there is no sign that the owners, Harper Homes, intend to demolish the building.

"It's still standing," said an optimistic David Crownshaw, spokesman for Hill Paul Regeneration Ltd (HPR). "And that in itself is an achievement."

Although it now seems unlikely that HPR, the company set up by campaigners to buy the building and surrounding site, will alone be able to raise the necessary money to save the site Mr Crownshaw has been involved in meetings between the owners and potential developers.

He told the News & Journal this week that there was now a strong possibility the building may be restored and converted into flats to ensure its long-term future.

"The owners are talking to developers who are very interested," said Mr Crownshaw.

"They're looking at doing a joint deal with them to develop the whole site with Hill Paul intact."

Waiting in the wings is entrepreneur Kim Lambert McCroddan, who developed Slad Mill in Stroud's Lansdown.

"He's put in a very, very good offer for Hill Paul itself, leaving the bottom site free for anyone else to develop with new build," said Mr Crownshaw.

"The plans they've put forward are really nice. They are realistic places, realistically priced and nicely planned."

But Mr Crownshaw sounded a note of caution, saying the struggle to save the landmark building was not over yet.

"It's still not beyond the realms of possibility that it will be demolished," he said.

"But I'm more confident than I have been since this whole thing began that Hill Paul will remain standing and will be nicely restored."