Cubitt watches over Metronet

Metronet’s administrator has drafted in Cubitt Consulting to manage communications with the large number of stakeholders ­inv­olved in the winding-up of the rail maintenance firm.

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.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in