Last week it was announced that The Peach Tree in Abbey Foregate was closing with immediate effect after suffering "substantial financial losses", brought about by the impact of the Covid pandemic, soaring food and energy prices and difficulties recruiting staff.
There was an outpouring of disappointment among customers with fond memories of the venue, which had been operating since 1997, and also those who had made large bookings for Christmas parties.
It was looking as though, unless groups found alternative restaurants and bars to host their festivities, Christmas fun would be cancelled for many.
However, bosses of The Peach Tree say their agent has been swamped with interest since its closure was revealed last week, and a deal has now been agreed. The new team could be in place on Wednesday, and the venue could be open again this weekend.
A spokesman said: "Ho! Ho! Ho! Miracles can happen! (fingers crossed!)...
"Firstly, could we thank you all, from the bottom of our heart, for all your kind words and your understanding since our announcement on Thursday - it really has been so overwhelming for all of us!
"When the story of the closure went viral on social media, Halls in Shrewsbury were immediately inundated with so many experienced hospitality operators wanting to take over the venue as quickly as possible to save Christmas - and inject a renewed lease of life into the venue for the future.
"As we understand it - after working around the clock - terms have been agreed with the property owners today and a very experienced restaurant team are set to take over the entire operation of The Peach Tree as soon as Wednesday this coming week and reopen the venue by this coming weekend - and in so doing safeguarding the entire Christmas season and other functions!
"The reason why we have taken the unprecedented step to let you know now ahead of the official announcement is that it looks highly likely that all Christmas parties will go ahead as planned - with an excellent team, and a fantastic new head chef.
"We will give you an update as soon as possible ahead of the official announcement."
After last week's announcement, bosses confirmed that Havana Republic, the Cuban-inspired cocktail bar that was linked with The Peach Tree, would remain open.