Golddiggers developer E & J Commercial Property has one week to make the full payment for the building, otherwise it will lose the contract.

The developer received planning permission last week to turn the former nightclub into an entertainment venue serving food and drink.

It was expected to put in a detailed planning application but instead asked permission for change of use.

The firm wants to demolish the old club in Timber Street and replace it with a theme pub, restaurant and retail facility. Luminar Leisure has confirmed it is considering Chippenham as a venue for a new Chicago Rock Caf.

But Bob Marshall, Chief Executive of North Wiltshire District Council, warned that if the legal and financial parts of the deal were not completed by June 11 the contract would fall.

"Once they have planning permission established they have to come up with the money as that is in their contract," he said.

E & J has until the day before the next Executive Committee meeting to come up with the goods.

"Any decision about the future will be made at that point. If E & J doesn't complete the contract, members can decide to wash their hands of them and start over again," said North Wiltshire District council leader Ruth Coleman,

She admitted that the council was becoming frustrated with E & J, which has twice failed to meet deadlines to submit detailed plans.

"People have got a little bit frustrated with this length of delay," she said.

But E & J is confident it will meet the deadline this time.

Director Barry Jones said the completion process was in hand.

"It is all going forward for us at this point in time. The fund providing the money is in place. We should be able to hit the deadline.

"It is looking very positive. We will have to see what transpires in the next couple of weeks," he said.

Detailed plans are expected to be submitted to the council this summer. It has still not been revealed if any tenants have been signed to the scheme.

Mr Jones has blamed the uncertain economic climate for some of the delay. But he has indicated that work would start on the site within four weeks of getting planning permission.