The following statement has been issued by Metronet Rail

Metronet Rail BCV Limited (“BCV”) and Metronet Rail SSL Limited (“SSL”), the companies responsible for the maintenance and renewal of the Bakerloo, Central, Victoria, and Waterloo & City lines (BCV) and Circle, District, Metropolitan, Hammersmith & City and East London lines (SSL), today entered PPP Administration.

Under the PPP contracts and the Greater London Authority Act 1999, Alan Bloom, Maggie Mills, Roy Bailey and Stephen Harris, partners and directors of Ernst & Young LLP, have been appointed PPP Administrators. The purpose of the Administration is to ensure the continuation of both BCV and SSL's maintenance and renewal activities pending the transfer of the companies' activities to a new operating company with the intention that there should be no noticeable impact on the Tube network or passenger services.

The Directors of BCV and SSL will continue in office and will work with the PPP Administrators. The PPP Administrators have obtained an order from the Court ensuring that all day to day responsibilities within Metronet rest with the existing management team.

Metronet directors and staff are working closely with the PPP Administrator and their staff and with London Underground to ensure that the infrastructure it is responsible for is safely maintained, and to ensure the continued safe and reliable operation of London Underground services.

Staff should continue to undertake all their responsibilities and will be paid in the normal course of business.

Direct third party creditors will be paid their arrears of approved invoices for work done or goods delivered that are outstanding as at the date of appointment, in the normal payment terms. The PPP Administrators will be having separate conversations with the shareholder companies and their subsidiaries / affiliates in relation to their arrangements.

Going forward, suppliers will be paid for approved invoices at their usual rates and on existing terms and conditions agreed with Metronet for work carried out (or goods delivered) during the PPP Administration.

Passengers should be assured that all essential maintenance and safety work will continue to be undertaken.