Transport for London has decided to snap up Metronet, the troubled maintenance company responsible for maintaining two-thirds of its London Underground network, administrators from Ernst & Young announced today.

Ernst & Young said: 'The PPP administrators from Ernst & Young have today received an offer from Transport for London for Metonet Rail BCV Limited and Metronet Rail SSL Limited. This will be reviewed by the PPP administrators and a response to TfL will be made over the coming week or so.'

A major management overhaul will see five of Metronet's executive team leaving the company next week. Andrew Lezala, chief executive officer; Philip Pacey, chief financial officer; and senior managers Ken Owen, David Clarke, Paul Emberley will all depart on 31 October.

Alan Bloom, PPP administrator from Ernst & Young said: 'I would like to thank Andrew, Phil, Ken, David and Paul for all their efforts through a difficult time. They have all been fully supportive to the PPP administrators and I wish them all the best for the future.'