Funding drive gets underway for Preston's tram network

Artists impression of Preston Trampowers tramstop and platform
Artists impression of Preston Trampowers tramstop and platform
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It’s all aboard as financial advisers have joined forces with a project to bring trams to Preston.

It will be the task of Snowball Alternative Finance to secure the £25m funding for the scheme.

Managing director of Snowball Alternative Finance, Peter Black

Managing director of Snowball Alternative Finance, Peter Black

Speaking of their appointment, managing director of Snowball, Peter Black said: “We are working closely with the team and looking at a wide range of funding options from local, regional and national sources.

“What is really exciting is that planning permission has been secured for the first part of the line. This is a 1,250-metre-long pilot line in the Deepdale area of the city.

“Eric Wright Civil Engineering has been appointed so it’s now a matter of securing the funding, then it will be all systems go.”

The deal will see Snowball advising on funding strategy as well as producing business plans and financial models for the project.

Lincoln Shields, director of Preston Trampower said: “Securing the funding for our project is the last part of the jigsaw and we are looking forward to bringing tram services back to Preston.”

Preston Trampower, formed in 2010, was granted planning permission in November 2016 to create a pilot tramway in the Deepdale area of the city.

The first stage of the project will see the pilot line built on a stretch of the former Longridge to Preston railway. A second phase of the line which aims to link the city centre with employment sites on the edge of the city is also planned. The tramway will stretch to 3.5 miles once completed.

Trams last ran in Preston in December 1935.