Barclays today announces an agreement to invest an additional £25m in Sign up for Barclays Cycle Hire online (new window), extending its sponsorship of the scheme for three years to 2018.
The announcement marks the first anniversary of the cycle scheme, which provides an affordable, sustainable and environmentally friendly transport network in central London.
The money will help Barclays Cycle Hire expand across west and south-west London by the summer of 2013, reaching the boroughs of Wandsworth, Hammersmith & Fulham, Lambeth, and Kensington & Chelsea.
Barclays Chief Executive Bob Diamond said: “Barclays Cycle Hire has undoubtedly been a huge success so far. Now even more people across London will benefit from this pioneering scheme, which makes a positive difference to everyday life in London, its people and its economy.
“Barclays commitment to Citizenship, including the role we play in the communities we serve, is one of Barclays four execution priorities. Barclays Cycle Hire is a visible example of that commitment, and we are proud to be associated with the scheme and its further expansion.”
Mayor of London Boris Johnson added: “Today it is testament to the huge impact of Barclays Cycle Hire and to the rapidly increasing popularity of pedal power in London that I can announce we are now planning to swathe a huge chunk of the west of our city with our beautiful blue bikes.
“My thanks go to Barclays for the benevolence they have demonstrated with their latest bestowal of funds and that we can confirm the extension of their sponsorship agreement. By working together we are putting thousands more Londoners on two wheels.”
The additional funding brings Barclays total investment in the scheme to £50m.
Barclays Cycle Hire was launched to members in July last year by Barclays Chairman Marcus Agius and the Mayor of London Boris Johnson.
More than six million journeys have been made since the launch of the scheme a year ago. On its busiest day of operation so far more than 29,200 cycle journeys were made, and over 128,000 people are now Barclays Cycle Hire members.
Last year it was announced that by spring 2012, Barclays Cycle Hire will extend to east London with 2,000 more cycles available, including in Canary Wharf.