BUBBLES - Morecambe's seemingly doomed promenade attraction - may not be finished yet.

A venture capital firm has offered to take over the empty swimming complex and pump money in to create an 'exciting leisure venue' for 2002.

Unlike previous offers, the mystery firm will not be asking for a handout from the local authority.

Councillors have put the bulldozers on hold while officers check and double check the 11th hour deal but they say the company's references are "excellent."

Tenders to demolish Bubbles are now in at the town hall but at a meeting on Tuesday councillors agreed the surprise offer was worthy of further consideration.

"I think we would be doing a disservice to the people of the area if we do not explore this possibility," said finance chief, Cllr Geoff Wilson.

"This company has offered to totally refurbish the Bubbles site at no cost to the council. Obviously, we're going to be very careful about this and not rush into something that could backfire. Any deal must include strict conditions to ensure that site is maintained as a leisure use."

The unnamed company want to buy Bubbles and the surrounding area outright.

Director of Regeneration John Donnellon explained: "This appears to be a potentially exciting project. Clearly, we will want to see a lot more detail but I believe the proposals are substantial enough to recommend that the council considers delaying its earlier decision to demolish the complex."

However, Independent Socialist Cllr Brian Penney called for immediate demolition to be given the go-ahead. He said: "I have been thinking a lot about this in recent months and I've come to the conclusion the Bubbles should have been flattened a couple of years ago. If we go in to negotiations with another venture capitalist we could be in to Bubblesgate in a couple of years."