BusinessBusiness RecoveryTfL to bail out Metronet

TfL to bail out Metronet

Transport for London make offer for embattled maintenance company Metronet to administrators from Ernst & Young

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.’

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