A VENTURE capitalist firm based in London's Mayfair has been revealed as the mystery company interested in buying the Bubbles site in Morecambe.

Imperial Consolidated are in negotiations with the city council to buy the site and develop it as a water-based leisure facility.

But they have only until next week to come up with definite proposals before the demolition deadline passes and the site is bulldozed.

Imperial Consolidated is a privately owned firm set up in 1994 which employs 320 people and specialises in consumer, commercial and corporate services.

They are said to be a blue chip company with excellent references and their 11th hour interest in the Bubbles site led to the city council postponing the planned demolition of the beleaguered water-based leisure facility.

However, if negotiations falter, then it looks certain the bulldozers will have to move in and level Bubbles to create what's been described as a "festival arena."