Transport for London bids for control of Metronet

Source: Supply Chain Digital

Date :25/10/2007 10:17:35

Transport for London today announced that it has lodged a formal bid to take control of Metronet.

Asset split

Under the plans, the people and assets of the two Metronet companies, BCV and SSL, will be transferred into two nominee companies to be managed on a standalone basis. The long term structure is to be agreed with London Mayor Ken Livingstone and the government, said the company in a statement.

London Underground Managing Director, Tim O'Toole said:

"In dealing with the collapse of Metronet, and through the Administration process, we have had two key priorities. First, to ensure the continued safe and reliable operation of the Tube network for passengers.

“That has been achieved and I would like to pay tribute to the hard work and dedication shown by all Metronet and London Underground staff, as well as the Administrator and his team. We need to continue to work together for passengers.

Stability

"Secondly, once under Transport for London control, we seek to put in place 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.

"We strongly believe that the best and most robust way to achieve our ultimate goal is for an exit from the Administration process as early as possible. It is for this reason that we have now lodged our formal bid for Metronet, which I trust can be concluded as swiftly and efficiently as possible."

October 25, 2007

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