Source London - capital receipt

Meeting: 
MQT on 2014-12-17
Session date: 
December 17, 2014
Reference: 
2014/5113
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor
Category: 

Question

Can you confirm how much Transport for London (TfL) sold the Source London network for earlier this year?

Answer

Answer for Source London - capital receipt

Answer for Source London - capital receipt

Answered By: 
The Mayor

IER Bolloré submitted a bid of £1 million, all of which will be reinvested into London's public transport network. 

The sale involved the transfer of contractual agreements with partners, the Source London membership and Source London trademarks. The transfer of the scheme did not involve any change in ownership of the charge points which are owned by the boroughs and private scheme partners.

IER Bolloré was selected on the basis of its bid, which was the highest scoring against a series of pre-determined evaluation criteria including a financial element.