Serco has been selected by Transport for London (TfL) to run the capital’s cycle hire scheme across nine of the most central boroughs.
The firm said the contract was worth approximately £140m over its initial six years - which could be extended for a further two years - and is designed to generate an extra 40,000 bike journeys a day.
The so-called London Cycle Hire Scheme will be modelled on Montreal’s BIXI system, and offer 6,000 bikes for hire from 400 docking points. The bicycles used will be base on those designed for the Canadian city.
According to Nick Brown, chief executive of Serco Integrated Transport & Middle East, the contract will commence immediately and initial installations for the scheme are expected to be complete within a year.
“Serco is very pleased to have been chosen to operate the London cycle hire scheme,” he said.
“With the considerable experience we already have helping deliver transport solutions for London we look forward to working with TfL on this world class cycle scheme for Londoners.”
The scheme is also expected to create around 100 jobs.
Taking part in the scheme are: Camden, Islington, Lambeth, Southwark, Tower Hamlets LBCs, Westminster City Council, the Royal Borough of Kensington & Chelsea, and the City of London Corporation.