TfL reveals frequency of Barclays sponsorship payments

Barclays is the minority funder of the Cycle Hire scheme.
In response to an FOI request Transport for London has provided some additional information about the payment arrangements for its £50m Cycle Hire sponsorship agreement with Barclays bank.

As previously reported, the bank is the minority funder of the scheme which is projected to cost the taxpayer at least £225m by 2015/16.

In its latest response, TfL says:

“The first Barclays payment was made on 29 August 2010. Payments are scheduled over the 5 years which Barclays have sponsored the scheme for.

“Invoices are sent to Barclays every 6 months in February/March and August/September time, and payment is due within 20 days of the invoice date. To date, all payments have been made on time.”