A nursery school has been saved after its principal risked her own home to raise almost £500,000 to prevent its closure.

Staff and parents at the Young Sussex nursery feared it would have to shut after 53 years when the building's owners put it up for sale.

The nursery's lease was due to run out at the end of this year and the charity, which owned their base said it would not be renewed.

But nursery principal Ingrid Boyd decided to try to buy the building in Dyke Road, Hove, herself and put in the highest bid she could afford.

She raised the money by putting her own home in Hove up as security and now she has just broken the news to staff and parents that her offer has been accepted and it will be business as usual.

She said: "It was touch and go. We knew there were a lot of people interested in the building.

"Being a charity, the owners were obliged to sell it to the highest bidder. We have now exchanged contracts.

"My husband and I have taken a big risk in remortgaging our home to raise the money."

The large semi-detached nursery in Dyke Road had been owned by the Mothercraft Training Society since the Thirties.

The charity provided support for young women with babies as there was very little help available from the welfare state in those days.

Young Sussex is a privately-owned day-nursery group with other nurseries in Shoreham and the Aldrington area of Hove.

Mrs Boyd, a psychology graduate, started Young Sussex 11 years ago and took over activities at the Dyke Road building in 1994.

The nursery has had two inspections by schools watchdog Ofsted and been praised for its facilities and the way it is run.

Mrs Boyd said as soon as she heard in June the building was to be sold, she tried to buy it andenquired about the possibility of a Government grant.

But Mrs Boyd realised she would have to go it alone when she was told she did not qualify.

She said: "The Government is only making money available for new nurseries starting from scratch.