Transport for London (TFL) has today announced that it has lodged a formal bid to take control of Metronet.

Metronet is responsible for maintaining, replacing and upgrading all infrastructure on nine of London Underground's Tube lines. However, the company went into administration in July 2007 after overspending £2bn pounds while carrying out renovations.

Under TFL's plans, the people and the assets of the two Metronet companies, BCV and SSL, will be transferred into two TFL nominee companies, which will be managed on a standalone basis whilst the long-term structure is agreed with Mayor Ken Livingstone and the Government.

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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.

“Secondly, once under Transport for London control, we seek to put in place a stable, economic and efficient structure that is better able to deliver our investment priorities that will lead to increased capacity on the Tube in future.

“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.”

Metronet has said the offer will be reviewed by the administrators and a response to TFL will be made over the "coming week or so".

(NS/SP)