NuGen owner warns of potential company collapse

Credit: PA

The future of the Moorside nuclear plant in west Cumbria is in doubt, as its owners - Toshiba - has warned it could potentially collapse.

It revealed soaring losses of £3.9-billion, in a financial update that was not signed off by its auditors.

It was announced last week that Toshiba is to take over the company behind the Moorside nuclear project in west Cumbria.

The firm deepened its net income losses by £386-million, to £3.9-billion, in the nine months ending in December last year.

It also warned that its annual losses could amass to more than one trillion yen for last year, which would be one of the biggest losses in Japanese corporate history.