Lancashire County Council will write off £500,000 after a joint venture it invested in folded.

The Via Partnership – trading as Connexions – went into administration in December after 'losing a major contract'.

Blackpool and Blackburn with Darwen Councils also helped fund the careers advice and training firm.

A statement from Lancashire CC said: 'When issues with the company's cash flow became evident, the county council, along with the company's other shareholders, actively explored the options for a management buyout or sale to a third party.

‘It only became clear in early December last year that there was no realistic prospect of a sale of the company, at which point the decision was taken to place Via into administration.’