History
The company was founded by a consortium of Amey plc (a subsidiary of Grupo Ferrovial), Bechtel and Jarvis plc. In 2005, Jarvis sold its stake to fellow shareholder Amey for £147 million.
From January 2003 until May 2011 the London Underground operated a Public-Private Partnership (PPP), whereby the infrastructure assets were maintained by private companies but it was owned and operated by London Underground (LU), part of TfL. Tube Lines had a 30-year contract for the Jubilee, Northern and Piccadilly lines, and remains responsible for over 200 miles of track, 255 trains, 100 stations, and over 2,500 bridges, lifts and escalators.
The remaining lines of the London Underground were part of Metronet, which existed from 2003 to 2008, when it was taken over by Transport for London after being placed into administration.
Tube Lines encountered a funding shortfall for its upgrades and requested that TfL provide an additional £1.75billion to cover the shortfall; TfL refused, and referred the matter to the PPP arbiter, who stated that £400million should be provided. There had been many discussions over the future of the company in the second review period, and it was announced on 7 May 2010 that Transport for London had agreed to buy the shares of Bechtel and Amey (Ferrovial) from Tube Lines for £310m. Combined with the takeover of Metronet, this means that all maintenance is now managed in-house by TfL.
Amey continues to provide TfL with management and maintenance services for the Jubilee, Northern and Picadilly lines.
Read more about this topic: Tube Lines
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