Transport for London (TFL) is today inviting brands to express their interest in replacing Barclay’s bank as the new sponsor of its cycle hire scheme, with a minimum seven-year investment of £38.5m.
The existing deal with Barclays comes to an end in summer 2015, and TFL is searching for a sponsor to pay £5.5m per year in return for the naming rights and branding to be displayed on the 10,000-plus hire bikes.
TFL’s director of commercial development, Graeme Craig, said: “Sponsorship of the Cycle Hire scheme offers a unique and exciting opportunity for a leading company to be entwined within the fabric of London. The Cycle Hire scheme is already part of London’s iconic transport network and will give a new commercial partner an exceptional level of exposure for their brand as we develop the scheme further.”
The new commercial partner would also have the opportunity to choose the colour for the scheme, display its branding on docking points and staff uniforms and gain exposure through marketing campaigns, press releases and promotional events.
The Mayor of London, Boris Johnson added that the potential sponsor must have the ‘aspiration’ to get more people involved biking.
TFL recently celebrated 30 million journeys since the scheme launched in 2010.
In April last year TFL was forced to hand back £1.57m of a £50m sponsorship by Barclays into the cycle hire scheme after incurring penalties for poor performance.