Licensee Tony Walters says he has just a month to save The Dog Inn - his warning coming less than six months since he took over the troubled pub in Market Place as the new home for his award-winning Victoria's India restaurant.
Mr Walters says he has lost key financial backing and his bank has now withdrawn an agreed overdraft facility, leaving staff unpaid and the business in crisis.
Now he says that without new investment in the next few weeks he will be forced to shut the doors.
"The Dog's in trouble again," he told the News this week.
"Unless we can find an investor or partner to take over 50% of the company, we will have to close in about a month's time."
The situation is the latest twist in the problem plagued recent history of the pub.
For years it was one of Longridge's most popular pubs, with a well used bowling green and garden area.
But it began to fall on hard times until it appeared its fortunes were back on the up in 2004 when Andy Miller and Tony Herring took over the business and invested in a major refurbishment.
But their sudden disappearance 18 months later, leaving behind huge debts, heralded another uncertain period for the pub, which closed and re-opened again under a succession of temporary managers and gained an unwelcome reputation as a trouble spot.
It closed again last year shortly after police announced they were seeking a review of the pub's licence following numerous complaints about noise and rowdy behaviour.
Again it appeared The Dog had found a saviour when Mr Walters announced his intention to move his popular Indian restaurant Victoria's India from The Manse on Berry Lane up to the larger premises at The Dog Inn.
Following some protracted negotiations he and his wife Carol finally re-opened the business, re-styled as Victoria's India @ The Dog Inn, five months ago.
"We started negotiations for The Dog in April last year with a funding promise of £40,000 from the pub owners.
"Then we learnt they were considering putting the pub on the disposal list, without telling us - otherwise we would not have attempted to buy it - and they withdrew their offer."
However, Mr Walters and his wife Carol found the cash and took over The Dog in October, after being offered a £25,000 overdraft facility by their bank in the December, which was subsequently reduced to £10,000 as the effects of the recession bit into business finance.
"Since then we have continued to look for investment," Mr Walters added, "but four weeks ago the bank, without informing us or our bank manager, withdrew our overdraft facility and bounced every pay cheque we'd issued."
Mr Walters says: "We believe the business here has value and our input justifies keeping it going.
"We would greatly value more backing, but realistically we are classic victims of the recession.
"It's a time when a lot of local businesses are struggling - it seems to be a big wake-up call to all of us."
Securing the lease for the pub last year had been a turning point in its recent turbulent history, the couple felt. They had redecorated and refurbished the premises, cleared the large garden area at the back and had built up a regular clientele with a good response to their English and Indian menus.
Said Mr Walters: "Unless someone comes forward who would be interested in giving financial help, we have perhaps only a month left at The Dog."