BusinessBusiness RecoveryTfL set for Metronet control in New Year

TfL set for Metronet control in New Year

Transport for London is the only bidder for the failed tube operator, and will take control early next year

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:

E&Y’s Bloom gears up for
transport committee clash

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