Results tagged “PPP”

Tube Lines is set to receive £4.46billion for its next tranche of work on the Underground network under its controversial Public Private Partnership contract.

The consortium, based in Westferry Circus, learned the figure today when PPP arbiter Chris Bolt announced his decision.

The over-run of the Jubilee line upgrade is likely to cost Tube Lines around £50million.

That's how much the Canary Wharf-based engineering consortium will lose for its failure to complete the installation of new signalling on the line by the end of last year, according to chief executive Dean Finch.

Tube Lines has been left with another headache as it faces a shortfall of almost £2billion in its budget for the next stage of its underground contract.

The company, which yesterday saw chief executive Dean Finch announce his departure, has been recommended to receive £4.394billion for the next tranche of work on the network.

"Somebody described it as like doing open heart surgery while doing the Marathon. It's a huge challenge."

Next time you are stuck on the Jubilee line remember these words of Terry Morgan, chief executive of Tube Lines.