Results tagged “PPP”

The future of some of Tube Lines 3,000 staff is uncertain after a deal was struck for the company to be bought by Transport for London.

The Wharf-based consortium, responsible for upgrading and maintaining the Jubilee, Northern and Piccadilly lines, will be absorbed into TfL as a wholly-owned subsidiary in a deal worth around £310million.

The row over funding for the next stage of Tube Lines' contract with London Underground continues.

The PPP arbiter Chris Bolt said last Tuesday that London Underground has to show it can afford the £4.46billion due to Tube Lines for the next seven-and-a-half years.

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.