Blackpool Council has renegotiated its street lighting and traffic signals contract in a move that will save £157,000 a year.

In partnership with its service provider, Community Lighting Partnership (CLP), the council has refinanced its Private Finance Initiative (PFI) contract through SMBC and Nord LB Banks to achieve savings of £3m over the remaining 19 years of the deal.

Cllr Simon Blackburn, leader of Blackpool Council, said: ‘I’m sure many residents spend time researching different options when mortgaging their property and this is the same exercise just on a larger scale.

‘During the tough financial times we are facing it is vitally important that we scrutinise every contract we have to ensure that we are getting the best possible deal.’

Since being signed in 2009, the contract has seen 85% of the council’s lighting and traffic signal assets have been replaced, including 16,253 street lights and 2,420 traffic signals.