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...Compare that to the 2008 bailout of Metronet, a public-private partnership set up to maintain and modernise London’s underground train network....
...The failure of Metronet, which had been contracted to maintain and upgrade the London Underground, in 2007 cost the taxpayer at least £170m....
...By contrast, Metronet, a public-private partnership set up to run London’s underground train network, required a public bailout in 2008....
...Since being promoted to managing director of finance in 2007, he has helped TfL take over Metronet and Tubelines, the London Underground infrastructure companies, bringing the maintenance work in house....
...Infrastructure Tube costs spiralled London Underground ran into trouble with PFI when Metronet, the company responsible for modernising two-thirds of Tube lines, went into administration after costs spiralled...
...More grit in the system – notably in the House of Commons – would undoubtedly have ensured that the poll tax was stillborn and that Metronet was never launched....
...Metronet and Tube Lines, private companies set up to maintain the tube, both failed (the former was dissolved, the latter is now in the public sector)....
...More modest deals, such as the acquisition of Metronet, the Manchester-based broadband group, by private equity group LDC in an £11m deal, made up the bulk of activity in the sector....
...The RMT said that former employees of Metronet Rail, which also used to be a public-private partnership, had been allowed back into the TfL pension fund and had the same travel benefits as other London Underground...
...Bombardier – a shareholder in the Metronet public-private partnership consortium that collapsed in 2007 – is already supplying S Stock trains that are replacing existing trains on the Metropolitan line....
...had suggested when it took Metronet over....
...Four of Metronet’s five shareholders were also joint owners of the main contractor for Metronet’s work, giving them little incentive to control costs....
...“TfL Metronet: replace borrowing with central government grant“. This saves £325m next year. Don’t ask me what it means in practice….....
...London Underground (LUL), the TfL subsidiary that employs all underground drivers, station staff and signallers, took over the former Metronet operations in May last year....
...Tube Lines, which works on the Jubilee, Northern and Piccadilly lines, has been the sole surviving contractor since July 2007, when Metronet Rail collapsed into administration....
...Mr Finch insisted, however, that Tube Lines faced no risk of collapsing into insolvency, as Metronet Rail, the contractor on the majority of the underground network, did in 2007....
...Unit costs on the Metronet lines remain a third higher than Tube Lines’ costs....
...(Metronet collapsed in 2007). The dispute is over the cost of upgrading the Jubilee, Northern and Piccadilly Lines for the next seven and a half years of the 30-year PPP....
...Tube Lines is the sole surviving PPP contractor after Metronet Rail, which worked on the remaining two-thirds of the network, collapsed into administration in July 2007....
...Tube Lines has been the only surviving contractor since July 2007, when Metronet, which worked on the remainder of the network, collapsed into administration....
...LU has now taken over Metronet....
...It is also now directly undertaking important upgrades on the rest of the network following the collapse into administration of Metronet, the former private sector contractor, in July 2007....
...“Metronet has been back in the public sector for two years. What has it done?”...
...Two of those contracts were taken back into the public sector last year after the Metronet consortium that won them was put into administration....
...Metronet, the partnership that was responsible for work on the other main lines, went into administration in 2007 and was transferred to TfL in May 2008....
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