Ownership transfers from stakeholders including Atkins and Balour Beatty to administrator Ernst and Young
Metronet, the PPP Underground consortium, has gone into administration today.
It comes after Metronet was this week denied access to £550m of emergency funding by the PPP arbiter. It was granted just £120m and therefore said it could not uphold its contractual obligations.
A statement from Metronet said: “Metronet directors and staff are working closely with the PPP administrator and their staff and with London Underground to ensure that the infrastructure it is responsible for is safely maintained, and to ensure the continued safe and reliable operation of London Underground services.”
It said that suppliers would be paid for invoices already approved, and going forward would continue to be paid “at their usual rates and on existing terms and conditions.”
Ernst & Young will have access to government funding put in place in a PPP administration model.