Transport for London is the only bidder for embattled tube operator Metronet, administrators from Ernst & Young have confirmed.

Ernst & Young partner Alan Bloom and London Underground managing director Tim O'Toole said that as a result of the single bid, administrators would not actively market the Metronet companies.

The plan is to transfer Metronet to TfL nominee companies early next year. Two nominee companies will take control of both Metronet businesses, BCV and SSL, and managed on a standalone basis while a long-term structure is put in place and agreed by the Mayor and government.

O'Toole said: 'An exit from Administration as quickly as possible is the best way to maintain the continued safe operation of the Tube network, to mitigate the performance and cost risks that inevitably come with such a situation, and to ensure the continuation of the Tube's vital upgrade and renewal programme.'

Further reading:

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