PLANS for a £10m development of Charlton Lido have been scrapped after the company refurbishing it failed to raise the cash.

Open Waters Ltd was granted planning permission in 2009 to refurbish the lido in Shooters Hill Road but the lease has now been transferred to Greenwich Leisure Limited.

At a full meeting, Conservative opposition leader Councillor Spencer Drury, asked when the lido would be open.

Cabinet member for culture and Olympics, Councillor John Fahy, said: “We anticipate that the lido will form a 50m pool, heated, and we hope to have that up and running in advance of 2012.”

Cllr Fahy added that the refurbishment is likely to cost £2.8m and the lido would not be open this summer as contractors would be on site.