Barclays bids bye-bye to 'Boris Bikes'Wed, 11 Dec 2013 00:00:00 -0800
BARCLAYS is to end its sponsorship of the so-called Boris Bikes, introduced by London Mayor Boris Johnson to the capital in 2010.
The bank's logo has adorned the blue cycles since their introduction three years ago.But Transport for London (TfL) will be forced to look for a new sponsor after Barclays announced plans to discontinue with the deal at the end of its contract in 2015.
The bikes were launched amid much fanfare in August 2010, with nearly a million journeys made within the first 10 weeks of the scheme being rolled out.
However, some rental prices have soared, while in August this year 20-year-old French woman Philippine Degerin-Ricard became the first person to be killed riding a Boris Bike, after she was struck by a lorry on Whitechapel High Street in east London.
TfL's Graeme Craig said TfL would seek a replacement for Barclays when the current deal, thought to be worth around £50 million, comes to a close.
He said: "In recognition of the growing demand for cycling expenditure, TfL is to seek new commercial partners to add significant sponsorship income to the £913 million already devoted to cycling.
“There will be no reduction in public funds spent on the cycling programme, which have been entirely protected from the cuts in the Comprehensive Spending Review and Autumn Statement.
"Barclays remains committed to the sponsorship agreement signed in 2010, but the bank and TfL have decided not to take up the option to extend it. Several months ago Barclays began the process of a strategic review of its sponsorship programmes and has now made a commercial decision not to continue the sponsorship.
"TfL thanks Barclays very much for its fantastic support of this scheme. Both are very much looking forward to celebrating the major milestone of the extension to the Barclays cycle hire scheme to south-west London this Friday."
By Press Association reporter