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TfL bids for Metronet

Transport for London has lodged a formal bid to take control of Metronet.

TfL hopes that BCV and SSL will be transferred as two nominee companies, which will be managed on a standalone basis while the Mayor of London and the Government work out a long-term structure.

Tim O’Toole, managing director of London Underground, said: “We strongly believe that the best and most robust way to achieve our ultimate goal is for an exit from the administration process as early as possible. It is for this reason that we have now lodged our formal bid for Metronet, which I trust can be concluded as swiftly and efficiently as possible.”

Transport for London's bid for the two Metronet companies has been constructed on the basis that there should be no net additional cost to the organisation.