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  1. ITV Report

Bid to find sponsor with a 'passion' for Boris Bikes

Transport bosses in have launched a bid to plug a £5.5m-a-year-black hole in London's flagship "Boris Bikes" scheme.

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The bike hire scheme needs a new sponsor after Barclay's announced it was pulling out next year. The London Assembly claims a drop in users is costing Londoners £1.36 for every bike hired.

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But TfL insisted the number of people using the 10,000 bikes continues to grow. The new sponsor will be expected to bankroll the project with a minimum of £38.5m over seven years.

A number of globally renowned brands have already shown an interest in this chance for the private sector to be associated with one of London's internationally recognisable forms of transport and to gain unprecedented exposure across the capital.

– Transport For London
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The minimum cost of hiring the bike is £2 for 30 minutes with a maximum daily charge of £52 for 24 hours. Riders can make multiple journeys for less than 30 minutes at no extra cost above the basic £2 fee.

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With more than 31 million hires since its launch there can be no doubt that our trusty bicycles have changed the way people get around our great city.

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.

– Boris Johnson, Mayor of London