NEWPORT council has pledged to meet soaring extra costs to repair and restore Newport's historic Transporter Bridge.

As the Argus reported last week, the estimated bill to renovate the landmark and build a new visitor centre rocketed by £5 million after the two firms originally contracted to do the work entered administration.

The project was originally to cost around £11.9 million but is now expected to reach £16.9 million.

The National Lottery Heritage Fund agreed to give extra money to the scheme, but that still left a £2.9 million bill. 

At Newport City Council's most recent cabinet meeting, members agreed to underwrite the remaining costs for the "important project", which the local authority said would "preserve one of Newport’s most prominent heritage structures for future generations to enjoy".

The city's transporter bridge is one of only a handful of such structures left in the world, and is a towering reminder of Newport's proud industrial past.

Deals had been struck to repair the landmark, but when two key contractors went into administration last year, project leaders were forced to put bids out to tender, and soon found the estimated bill had gone up considerably.

"The need for new contractors arose after both of the companies originally appointed to the project went into administration, due to pressures in the construction industry brought about by the coronavirus pandemic," Newport City Council said, adding that "very little funding was spent before this happened".

READ MORE: In pictures: Newport's iconic Transporter Bridge through the years

Meanwhile, the "significantly higher" quotes reflected "worsening market conditions impacted by a global backdrop of increased costs and labour shortages".

An extra £1.95 million, from the National Lottery Heritage Fund - taking its total project contribution to £10.7 million - has been welcomed by the "grateful" council.

And after carrying out a review of the project costs, the council was able to pinpoint £684,000 that could be saved without "significantly" altering the plans.

The cabinet's decision to underwrite the remaining costs will "allow the council to lock in the tender prices and appoint the contractors" to complete the project, the council said.