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Last Updated: Tuesday, 6 November 2007, 10:41 GMT
TfL poised to take over Metronet
Metronet staff at work on London Underground
No more bids are expected
Transport for London (TfL) is expected to take over Tube maintenance contracts from Metronet early next year.

Metronet, which was responsible for maintaining two-thirds of the network, went into administration in July after financial problems.

Administrators said TfL had made the only formal bid for the firm and that it would not be taking active steps to market the Metronet companies.

TfL submitted a formal bid for the company in September.

Administrator Alan Bloom said it would be "working closely with TfL to progress their proposal towards an exit from administration, preferably early in the New Year".

LU's Tim O'Toole said "An exit from administration as quickly as possible is the best way to maintain the continued safe operation of the Tube network, to mitigate the performance and cost risks that inevitably come with such a situation, and to ensure the continuation of the Tube's vital upgrade and renewal programme."

Mr O'Toole confirmed that TfL was the only bidder and no more bids were expected.

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