Barclays is preparing to end its multimillion pound sponsorship deal for Boris Johnson’s bicycle hire scheme, it has been reported.
The bank, whose logo is written on thousands of “Boris Bikes” across London, will withdraw its association with the scheme in 2015, The Guardian claimed.
It means that it will have only delivered half the £50 million it had been expected to pay since the bicycles were introduced in July 2010. The bank had been expected to sponsor the flagship scheme until 2018.
Barclays told the newspaper the decision was made as part of a wider review of its commercial partnerships as it “moves on” from its Bob Diamond era.
The decision follows public concern over cycling in London. In July, a 20-year-old French man became the first person to be killed while riding a Boris bike.
However, TfL insisted that the banking giant had not pulled out of the scheme.
Graeme Craig, TfL’s director of commercial development, said: “Barclays has not pulled out of the cycle hire sponsorship deal. After the current sponsorship deal with Barclays ends – in two years’ time – the cycle sponsorship portfolio will fundamentally change.
“Barclays remains committed to the sponsorship agreement signed in 2010, but the bank and TfL have decided not to take up the option to extend it. Several months ago Barclays began the process of a strategic review of its sponsorship programmes and has now made a commercial decision not to continue the sponsorship.”