The society behind the historic West Mid Show has been saved after supporters voted against taking it into liquidation despite debts of around £260,000.

Members of the Shropshire and West Midlands Agricultural Society threw out a proposal to wind up the company and instead backed a rescue plan to create a new revitalised event, called The Shropshire Show.

About 50 of the 2,000-strong membership attended a meeting at the Berwick Road site in Shrewsbury last night, with 28 voting to save the society from going to the wall.

Members voted to create a Company Voluntary Arrangement, which would see creditors asked to agree to a delayed repayment of the debt over several years.

Insolvency specialist Barringtons was instructed to put the CVA to creditors, with at least 75 per cent needing to agree to the deal to ensure the final survival of the society.

Trustee Roy Dodd, who had prepared the rescue deal and a new business plan, said if members supported it, a new event called The Shropshire Show would go ahead at the showground on the same dates as the original West Mid Show.

“I looked at a new show, considered what we could bring in, and managed to put together a plan for as good a show as we’ve had before but for a fraction of the cost.

“If we went into liquidation then the society is dissolved, the creditors get nothing, the lease on the showground would be terminated and there would be no opportunities for out-of-show fundraising.

“Under a CVA, the society would continue, creditors would receive some payment over an extended period, and there could be a new show for 2010, refocused and revitalised.”

The new show would focus on promoting food and agriculture. But Mr Dodd admitted it would need a large amount of support from possible partners.

Members queried where cash for a new show would come from. Mr Dodd said: “January is the month when money starts to come in, members are due to pay by direct debits which go out on January 23.” He added: “I don’t want to be blasŽ as we will have some problems, but we can overcome them.”

By Business Editor Amy Bould