Metronet grabs £1.4bn funding after TfL take over

Metronet will receive £1.4bn in its first year after being taken over by Transport for London (TfL) last night.

The London Underground maintenance firm went into administration last July after running out of money, but is now in the hands of the mayor’s transport body.

TfL said it would invest £27m a day in Metronet over the next 12 months.

But the Guardian reported that TfL boss Peter Hendy fears this might not be enough to cover the next phase of the tube upgrade.

The Financial Times reported London mayor Boris Johnson also faces tough negotiations with the government over the company’s long-term future.