Transport for London today announced that it has lodged a formal Expression of Interest with the PPP Administrator of the two Metronet companies, BCV and SSL, in order that it may take control of the companies on a temporary basis.  It is anticipated that a formal offer could be made by September 30, 2007.

Transport for London believes it is in the best interests of all parties for an exit from Administration as quickly as possible.  This is the best way to maintain the continued safe operation of the Tube network and to mitigate the performance and cost risks that inevitably come with such a situation.

While under Transport for London's control, Metronet's Public Private Partnership and subsidiary contracts would be restructured so that they better meet Transport for London's investment priorities - namely track, train and signalling upgrades to enhance capacity, along with station security and communications improvements.

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.

"Secondly, following Administration, we seek to put in place a stable, economic and efficient structure that is better able to deliver Transport for London's investment priorities that will lead to increased capacity on the Tube in future, along with station security and communications improvements.

"We strongly believe that the best and most robust way to achieve our ultimate goal is for an early exit from the Administration process, to enable Transport for London to maintain the continued safe operation of the Tube network and to mitigate the performance and cost risks that inevitably come with such a situation."

Transport for London is now working with the PPP Administrator on a formal bid.  More details will be made available when they are confirmed.