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Fri October 30 2020

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Mayor Boris to buy out Tube Lines

7 May 10 Mayor of London Boris Johnson is to take over Tube Lines, the private sector consortium responsible for construction upgrade work on London Underground network.

Mayor of London Boris Johnson is to take over Tube Lines, the private sector consortium responsible for construction upgrade work on London Underground network.

Tube Lines, which looks after the Jubilee, Northern, and Piccadilly lines, will be bought out by Transport for London once the election result becomes clear, according to The Times.

Johnson has long been critical of the London Underground public-private partnership, most recently when the Tube PPP arbiter ruled that TfL would have to find an extra £460m of cash to fund further refurbishment work.

The buy-out could mean the shareholders of Tube Lines, which comprise Ferrovial and Bechtel, netting £400m.

The takeover follows the collapse three years ago of Metronet, the other private sector consortium awarded 30-year contracts through the part-privatisation of the Tube.
 

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