Matthews Yard has received a major coup in its fight to stay open.

The arts hub opened in 2011 following the riots, and has been fighting off the threat of being bulldozed and turned into flats almost ever since.

Its extinction came so close to fruition that a 'Save Matthews Yard' campaign was started, which included a petition that has attracted nearly 6000 signatures.

Now it looks to have received the most "significant win" to date by securing an asset of community value listing (ACV).

By securing ACV status before the developers purchased the building, the owners can now trigger the community right to bid should the owners of the building still wish to sell. If the owners then were to accept the bid Matthews Yard would then have four and a half months to raise the money to buy the asset.

Leoni Descartes, director of Save Matthews Yard, was over the moon when she heard the news.

“I am thrilled that Croydon Council has made the right decision by the community and accepted our nomination for ACV status on Matthews Yard," she said.

"Matthews Yard is an essential part of the culture in Croydon and I am delighted that the Council has recognised what thousands of us knew already.

"For six years, with only aspiration and a shoestring budget, Matthews Yard has nurtured dozens of local initiatives and groups.

"It has given an affordable home to entrepreneurs while creating a unique and cultural hub, like no other in London.”

ACV status provides other protections including removing permitted development rights and it becomes a material consideration for any planning application which affects the space. It also enables council to use compulsory purchase powers to buy the asset on the communities behalf, should they be so inclined.

Founder of Matthews Yard, Saif Bonar, said this was a step in the right direction.

"It is sad that it has taken so much hard work on the part of the local community to achieve this status and that the council has not been even more supportive of Matthews Yard in recent years," he said.

"I hope, the new non-profit status together with ACV will help convince senior officers and local councillors that Matthews Yard plays a vital role in safeguarding and supporting grassroots community and cultural groups in Croydon and should continue to do so for many generations to come.”