The Hanover Band, said to be one of the finest period orchestras of its type, has won a stay of execution after facing collapse.

The Hove-based ensemble had faced breaking up if it failed to raise £150,000 by mid-January.

Last night the band announced The Royal Bank of Scotland had extended its support for a few months while the orchestra seeks financial help from other sources.

Stephen Neiman, chief executive of the band, said: "What was a really dismal time has become one where our spirits have been lifted with community support all round."

The Hanover Band is based at the Old Market Centre, in Upper Market Street, Hove, which was given £3.8 million of National Lottery funding for rebuilding, so it could become a permanent home for the band.

The Old Market Centre is itself in financial difficulties, with staff being made redundant.

Mr Neiman, who resigned as chief executive of the Old Market to concentrate on running the orchestra, is in the process of applying for further lottery funding.

A bid to the Arts Council of England's stabilisation programme failed last year, but Mr Neiman said the events and commitments at the venue which were already booked would be honoured.

The orchestra has been built up during 22 years and has played more than 1,500 concerts spanning three continents. It has made 160 recordings.

A pledge-line set up by The Argus' sister title The Leader to help raise cash for the crisis-hit band has so far received more than £48,000 worth of pledges in less than two weeks.

People have telephoned the line and offered amounts ranging from £5, with the largest promise of cash being £10,000.

Mr Neiman said: "We've had 304 pledges, one of them from an eight-year-old who comes to our education workshops and another from a pensioner offering her £200 heating allowance from the Government."

Anyone who wants to pledge money should telephone 01273 229286.