The company is the first public-private partnership (PPP) to go into administration following a lack of funding to cover cost over-runs. Metronet wanted £551m in emergency funding, but received only £121m.
Cubitt will be asked to keep control of speculation about the firm, which has five shareholders – Atkins, Balfour Beatty, Bombardier, EDF Energy and Thames Water. Investors in each of those companies will have a vested interest in the future of Metronet, as will Transport for London, the Government, the London Mayor’s office and passenger groups.
The agency won the brief through connections between Cubitt partner Michael Henman and Ernst & Young administrator Alan Bloom. They had worked together on Railtrack’s administration.