We study the phase diagram of the SU(2) lattice gauge theory with fundamental-adjoint Wilson plaquette action. We confirm the presence of a first order bulk phase transition and we estimate the location of its end-point in the bare parameter space. If this point is second order, the theory is one of the simplest realizations of a lattice gauge theory admitting a continuum limit at finite bare couplings. All the relevant gauge observables are monitored in the vicinity of the fixed point with very good control over finite-size effects. The scaling properties of the low-lying glueball spectrum are studied while approaching the end-point in a controlled manner.