Council to sell mayoral number plate for £750,000

The registration plate is believed to have been the first ever bought in Leeds

A historic number plate from the Lord Mayor of Leeds' official vehicle is to be sold for £750,000.

Leeds City Council said it had chosen a buyer for the plate, which it has owned for more than 120 years, after considering two offers.

The sale of the civic plate, which bears the registration U1, will help raise funds for the council, which must save more than £100m this financial year.

It is said to be the first car registration plate bought in Leeds after the Motor Car Act was passed in 1903.

Council bosses officially put it up for sale via private dealers in September, the Local Democracy Reporting Service said.

A council report said a rejected bid from a second potential buyer would have raised £673,000.

It said: "The disposal of the cherished plate would bring an end to an association that the council has had with "U1" for around 120 years.

"The net proceeds of the disposal will contribute positively to the substantial long standing and ongoing financial challenge that the council is facing."

While the second bidder had a local Leeds connection, it could not be guaranteed the plate would stay in the city, the report added.

Due diligence checks were carried out on the first bidder and the transaction could be completed immediately.

The plate would be replaced with a less valuable one bearing the registration L6EDS, the council said.

The sale of the U1 plate carried a risk of it being re-sold at a "significantly elevated value", the report said, although it added that the use of a private dealer "mitigated" that risk.

Listen to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North.