Transport for London confirms the renewal of its cycle hire sponsor.
The docked bikes will remain red for at least another seven years, after TfL confirmed Santander has renewed its sponsorship deal. The new contract will see the bikes emblazoned with Santander livery until 2032. It has not yet been disclosed how much Santander paid for the exposure.
The bank took on the sponsorship in 2015, injecting £43.75 million into TfL coffers. Its involvement followed the withdrawal of the original sponsor, Barclays, whose blue livery was changed for red. At the time, the clunky two-wheelers were still widely referred to as 'Boris Bikes', after Mayor Boris Johnson who presided over their introduction in 2010. (His predecessor Ken Livingstone had done all the legwork, but Johnson freewheeled to the glory.)
Since Johnson's disastrous stint as PM, his name has less currency. You'll still hear the occasional reference to a 'Boris bike', but 'Santander Cycles' is now more commonly uttered... a big branding win for the returning sponsor.
The cycle hire landscape has changed enormously in the 15 years since the scheme first appeared. Vastly more people use such services, now dominated by independent companies, such as Lime and Dott. But the rising tide lifts all boats, and the Santander Cycles have also grown in usage. 6.1 million hires have taken place this year so far, up 3% on last year.
This new deal will keep Santander in the saddle till 2032, a span of 17 years. The cash will help the scheme expand to new parts of the capital, including new cycle docking stations in "Agar Grove in Camden, at Brockwell Lido in Brixton, in City Island and in Hackney".
TfL has also pledged to rework its cycle hire app, which has encountered numerous problems of late.
