Blackpool Council is set to write off hundreds of thousands of pounds invested in a failed company – while ploughing millions more into another council-owned venture.
Local authority leaders will tonight be asked to abandon all hope of recovering a stake of nearly £300,000 in training firm the VIA partnership which went into administration in December.
At the same time the council could agree a £7.7m loan to Blackpool Transport to finance a new bus fleet for the resort.
The cash for Blackpool Transport – which Blackpool Council would borrow on the company’s behalf – is seen as a vital investment with nearly two thirds of the company’s vehicles approaching the end of their economic life.
It would help bring a new fleet of 35 buses to the resort’s streets – with plans to buy 100 new vehicles over the next five years.
Both items are up for discussion at a meeting of the council’s executive tonight.