TfL completes Tube Lines buyout
Monday 28 June 2010
Transport for London has completed the buy-out of maintenance contractor Tube Lines, bringing the ill-fated Public Private Partnership charged with upgrading the London Underground to a close.
TfL announced plans to buy out Tube Lines shareholders Bechtel and Amey in early May after on-going controversy over the costs of the second phase of upgrade work on the capital's Jubilee, Northern and Piccadilly lines.
The PPP was put together in 2003, under the auspices of then-Chancellor Gordon Brown. Tube Lines' counterpart in the PPP – Metronet – went bankrupt in 2007. Andie Harper, who led the transfer of Metronet out of administration and into TfL, has already been appointed as chief executive of the Tube Lines subsidiary.
Mike Brown, the London Underground managing director, said: "This new arrangement will enable us to work even more directly and collaboratively."
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