Snowball Alternative Finance has been appointed by Preston Trampower to secure the £25m funding for its project to get trams running in Preston for the first time since 1935.
The deal will see Snowball advising on funding strategy as well as producing business plans and financial models for the project.
Speaking about their appointment, managing director of Snowball, Peter Black said, “We are delighted to be working with Preston Trampower on what is a really amazing project.
“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 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.
Speaking of Snowball’s appointment, Lincoln Shields, director of Preston Trampower said, “We are delighted to have the team at Snowball Alternative Finance on board.
“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.”
Diane Bourne, managing director of Eric Wright Civil Engineering, added: “As a local contractor with a strong heritage across Preston, we’re very proud to be leading the project. We’re looking forward to starting on site and delivering a quality scheme that meets local need and of which the community can be proud.
“City centre tramway projects are proven to bring numerous benefits and we’re aiming to replicate this same success within Preston.”
Tram operations in Preston came to halt in December 1935 when the final tram journey between Fulwood and Preston took place.