London’s cycle hire scheme is looking for a new sponsor, as the current deal with Barclays ends in the summer of 2015.
Transport for London (TfL) opened the hunt for a sponsor today, saying the new brand would ‘gain unprecedented exposure across London and on the TfL network' through sponsorship of the fleet of 10,000 Boris Bikes.
The sponsorship deal is said to cost £5,500,000 a year for five years.
Johnson said: “With more than 30 million hires since [the cycle hire scheme's] launch, there can be no doubt that our trusty bicycles have changed the way people get around our great city. This is a unique opportunity for a commercial partner to put their stamp on a mode of London transport that is now as recognisable as our iconic black cabs and red buses. We are looking for a sponsor whose aspiration matches our own, one with the passion to take the scheme to the next level and get even more people pedalling.”
Under the arrangement of the new deal, sponsors will be able to plaster their branding on the rear wheel roundels and brand the docking stations.
According to reports last year, commercial sponsorship did not cover all the running costs of the hire scheme. Taxpayers contributed £11,000,000 extra, reported the Daily Mail last year.
TfL says it hopes to announce a new sponsor in early 2015.