Lancashire CC has bought a stake in a website which allows people to buy and sell concert and festival tickets.

The county invested £5,000 in Vibe Tickets, which allows users to buy and sell tickets at face value, through the crowdfunding website Crowdcube.

Vibe Tickets was founded by 23-year-old Luke Massie from Preston and the company is currently trying to raise £600,000 of investment on Crowdcube in return for 10% equity.

‘The council wants to work with and support our enthusiastic and committed business base in Lancashire, helping them to unlock their growth potential to create new jobs and wealth in the county,' said council leader, Cllr Jennifer Mein.

‘The county council takes a forward-thinking approach to financial backing. We were the first county council to invest through Funding Circle. It is important we keep up-to-date with the changing funding options for companies, so that we can provide strong support for businesses in the county,' Cllr Mein added.