A £15M MUSEUM has received a £300,000 bailout to prevent it from closing just six years after first opening its doors.

Firepower has experienced a £46,000 shortfall in funds in the past year after failing to attract the number of visitors predicted.

To be viable, it needs to attract 60,000 visitors annually 40,000 more than it gets at present.

With bosses at the museum, in the Royal Arsenal, Woolwich, fearing it would have to close, Greenwich Council and the The Royal Regiment of Artillery have stepped in.

At a council cabinet meeting last week, it was agreed to offer a £150,000 emergency grant to keep the museum open on the Royal Arsenal site.

The Royal Regiment of Artillery, whose history is chronicled in the museum, has also agreed to match the council's grant money of £150,000.

Under the terms of the grant, Firepower will have to work closely with Greenwich Heritage Centre to look at ways to save money.

In a cabinet report, the regiment and Firepower are noted as being major partners in the regeneration of the 76-acre site.

The museum is also hired out as a corporate events venue for parties and used for schools visits.

Speaking after the meeting, Conservative spokesman on culture and community Councillor Nigel Fletcher said: "I'm pleased to hear the council is providing support during this difficult period and hope a long-term solution will also soon be found."

Firepower's chief operating officer Eileen Noon said: "We have now turned a corner.

"Closure is no longer an option. The regiment and the council fully back us and we are here to stay.

After the meeting cabinet member for culture and Olympics councillor John Fahy, said: "We believe the heritage buildings at the Royal Arsenal provide excellent opportunities for schools and young people to gain a first-hand knowledge of the rich history of Woolwich and the borough.

"As a key part of the Royal Arsenal Heritage Quarter, Firepower and the Heritage Centre play an important role in the regeneration of Woolwich."