The People’s Supermarket (TPS) has been rescued from the brink of closure following a rush in charitable donations.

The London based Co-operative enterprise was facing insolvency on Monday for failure to pay more than a year’s worth of business rates to Camden Council.

A high profile plea for help saw the store collect more than £6,000 worth of donations, while 3,000 people signed a petition demanding that Camden Council provide it with an extended grace period.

TPS has since been approached by Fredericks Foundation, charity that helps disadvantaged people set up or expand their business, which has offered it a long-term loan.

“This, together with the donations we received, will enable us to clear our debt to Camden Council,” TPS founder Kate Wickes-Bull said.

“This means that we are no longer in immediate danger of closing. Thank you all so much for your support.”