The mastermind behind a plan to bring an old cinema back to life is still clinging to hope - despite losing out on buying the building.

The Southfields Plaza Steering Group, which was formed in November with the purpose of acquiring and refurbishing the old picture house in Wimbledon Park Road, had submitted a £1.7m bid for the site in December 2010, with the aim of restoring the old Lyceum picture house back to its former glory.

But in July it revealed the site had been bought by Gresham Pension Trustees Limited for an undisclosed sum.

Even though the bid to own it outright failed, group members are hoping to work with Gresham going forward to create a mixed-use leisure and residential development.

And the group's chairman Rob Richman is still optimistic it can reach the goal of bringing an independent cinema to Southfields.

He said: "The new owners have told us they won't be looking for a change of use and the council said that isn't going to happen.

"They called us to inform us about it and invited us for a meeting. We are in talks with them now to do that and work on a scheme."

Mr Richman believes the existing site, most recently home to Riley's pool hall, will be demolished to make way for a newly designed building.

The group has met three times with Gresham's planning consultants Indigo Planning and Southfields MP Justine Greening is also meeting with them to crank up the pressure to get the development up and running.

If the meetings prove successful, the group will carry on with its plans of launching a two screen cinema, theatre, coffee shop, bar and brasserie in the first floor of the development.

He added: "This is still very much alive. I would have been pleased if we had bought it but at least something is happening now.

"We need the community to know it isn't over and we need people to keep the enthusiasm up.

"I really do think the next few weeks are so important to push this forward and get an agreement to the developer."

Indigo Planning declined to comment.