EXCITING plans to transform a derelict seafront site into a two-storey restaurant have come to an abrupt halt.

The businessmen due to take over The Waves Caf�, in Marine Parade, have backed out of the proposals before signing on the dotted line.

It was back in the spring that the developers, Eamonn McGrath and Mark Philp, said they wanted to take over the restaurant and put their proposals for the site to the unitary authority.

Plans for the new restaurant included the introduction of sliding glass doors, an additional floor above the current one and two levels of seating with views out towards the sea.

A new staircase would also have been built, leading from the kitchen area and bar if it had been redeveloped.

Waves closed in 2008 and was declared structurally unsound shortly afterwards.

Mr McGrath and Mr Philp held talks with council officers before submitting the planning application for the former caf�.

At a meeting of the unitary authority’s full council in February, it was agreed for a 25-year lease to be granted for the site and there were hopes that the restaurant would open before the summer.

North Somerset Council deputy leader, Councillor Elfan Ap Rees, said: “It is unfortunate this deal has fallen through, but we are in difficult times for businesses and this project needs someone who can recognise the excellent long-term potential of the project and has the capital to invest now.

“I am quite confident there are entrepreneurs out there who will now come forward and still believe the new Waves could be up and running by next season.”

The availability of the site has been advertised in the media and those interested in running a concession have been posted the details.