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Well it looks as though the scheme didn't completely die but was scaled back: http://www.blackpoolgazette.co.uk/news/business/local-business/council-cycle-hire-scheme-scaled-back-after-losses-1-7264722
I imagine the original bikes were built like the Boris Bikes, drum brakes, hub gear, rack, mudguards so they probably weighed a bit. The frame itself isn't too bad at about 2.4kg but I won't be building it to be light and I will be fitting a hub gear/coaster brake which will add a kg or two.
Bobbygp
@tallsam
I hired one of these in Blackpool a few years back. Not bad as I recall if a little heavy (like Boris bikes then). Did they stop the scheme? Seems a shame.
Good luck.