Supporters of The Ironworks in Oswestry have under three weeks to raise at least £140,000 to make sure the building stays in the hands of the community.
The building, which closed at the end of September due to spiralling debts, has been listed for sale by Right Move ahead of an auction in Manchester on February 27.
Shropshire Council designated The Ironworks a building of community value in October – giving owners Steve and Roslynn Gore six months to raise enough money to pay off their £140,000 debts to the bank.
But the bank has used an exemption clause against the delay of the sale and have told the couple it will now be listed for sale at auction.
The couple’s daughter Nicole has now launched a campaign to raise the funds to buy The Ironworks at the auction.
Mr Gore said: “The idea is to raise funds to buy the building when it goes up for auction.”
To help with the campaign visit http://www.indiegogo.com/projects/the-ironworks