ARCHITECTS asked to come up with an estimate for restoring the Newbridge Memo to its former glory reckon it will cost close to £3m.

Just a few months later the Memo was entered in the BBC's Restoration programme - which is offering the eventual winner a prize of exactly that figure.

Tracey Lewis, one of the Friends of Newbridge Memo, says it was quite a coincidence that the prize money up for grabs is exactly what is needed to refurbish and update the building.

"This prize would be perfect for us because of the quote we were given," she said this week. "Three million pounds would not just start the work off - it would complete the project for us."

The Friends say that structurally the Memo is still sound, despite having been closed for several decades, and there would be no major costs such as replacing the roof.

Around half of the money would be spent on the former cinema and theatre, and the remainder would go on upgrading the rest of the building in the Argus-backed campaign.

Fundraising to start refurbishing the Memo began last year after a meeting was held in the town to gather support for re-opening the building for the community.

Already more than £25,000 has been collected - almost £3,000 was raised at an open day on Saturday - and much of that has already been spent.

But the Friends acknowledge it would take a huge amount of work and several years to raise anything like the money that is needed - and the Restoration prize would be a great blessing, saving them up to five years of fundraising.

Howard Stone, chairman of the Friends, said: "This really came like a bolt out of the blue - and whatever happens, the publicity that we are getting can do nothing but help us."

Some of the money would be used for upgrading the building and on works such as replacing windows, clearing up the projection rooms and cleaning the art deco pictures in the former cinema.

The cash would also bring the Memo into the 21st century and comply with legal requirements for disabled access and to meet fire regulations. The operation to clear up the Memo has already begun, with Mr Stone saying it was "absolutely filthy" before they began work.

"Already five or six tonnes of rubbish has been moved out of here - we have had marvellous help from the council in that respect, and local people have helped, with businesses donating paint and brushes."