Today’s news that Barclays is to walk away from its sponsorship of the capital’s bike hire scheme three years earlier than previously announced means the bank will pay less than £25m towards the scheme.
The bank was originally contracted to sponsor the cycle hire until 2015 in return for £25m towards the expected £225m set-up and running costs.
Then, in July 2011, Mayor Boris Johnson, Transport for London and Barclays announced a three year extension in return for a further £25m.
On Tuesday it was revealed that the bank would end its association with the scheme in 2015, at the end of the original contract term.
TfL has confirmed to MayorWatch that this means the bank will pay only the originally promised £25m, less the £1.57m already deducted for performance failures and any as yet undisclosed claw-backs.
The known deductions are off-set by a £2.5m fine imposed on scheme operators Serco for failing to meet performance targets.