Transport for London takes over Metronet
Transport for London was the only bidder for the failed tube maintenance company Metronet so the organisation should come out of administration in early 2008 and come under control of TfL.
Under TfL’s plans, the people and the assets of the two Metronet companies, BCV and SSL, will be transferred into two TfL nominee companies while the long-term structure is agreed with the Mayor of London and the government.
London Underground managing director Tim O’Toole said: “I am pleased to be able to confirm that TfL is the only bidder for Metronet and that we do not anticipate any other bids. We are now working with the administrator to transfer the Metronet companies to Transport for London’s control in early 2008.”
He added that the deal would mean “the continued safe and reliable operation of the Tube network for passengers” and would enable TfL to establish “a stable, economic and efficient structure that is better able to deliver our investment priorities that will lead to increased capacity on the Tube in future.”
PPP administrator Alan Bloom said: “Transport for London has expressed clear interest in the purchase of Metronet Rail BCV Limited and Metronet Rail SSL Limited. The PPP administrators will be working closely with Transport for London to progress their proposal towards an exit from administration, preferably early in the New Year.”
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