The fight to save Bovey Tracey Hospital has been lost.

A campaign by the hospital’s League of Friends to raise more than £500k has failed to reach its target after one major pledge was withdrawn at the last minute.

In a statement the League of Friends chairman Avril Kerswell said:

‘It is with much regret that the Bovey Tracey Hospital League of Friends will not be in a position to bid for this much-loved town asset.

‘The asking price of offers in excess of £500,000 is now beyond our reach.

‘We had promises of up to £440,000, but then our major donor, who offered us £100,000 had to back out to pursue another project, which has left us with pledges in the region of £340,000, which at this time leaves us very short of time to achieve our goal.

‘Also, if we did manage to reach the magic £500,000-plus, the Torbay Healthcare Trust are not legally bound to accept our offer and after September 10 could still put the hospital on the open market.

‘So it is with great sadness that we are not going to bid.’