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The council said project delivery partner Alliance Leisure acted quickly to replace Curo after the London-based firm collapsed earlier this week.
All pre-contract work with Curo has now been cancelled and Speller Metcalfe will take the Whittlesey scheme forward.
The council said an immediate review was carried out of suitable replacement contractors to avoid delays to the planned upgrade.
The project will see Manor Leisure Centre redeveloped with a new café, refurbished swimming pool and new covered padel tennis courts.
The scheme still needs planning permission and cabinet approval before work can move ahead.
A final decision is expected this July.