Tram company lost nearly £1 million every week
The company that runs Hucknall and Bulwell's trams lost nearly £1 million every week in the year up to March 2017.
Now auditors have warned that the firm, Tramlink Nottingham, could be unable to pay its debts in future.
The revelation was disclosed in Tramlink’s annual report, which showed that it lost more than £3 per trip, even though 15 million passengers used the service, which was an increase from 11.5 million the previous year. Total losses were £48.51 million, although turnover rose from £44.53 million to £60.63 million after the extension of the tram network to Toton Lane and Clifton.
Tramlink blamed the loss on an impairment charge, but auditors warned of a “potential risk” of the ratio between debt and cashflow unless action was taken.