Bid to find sponsor with a 'passion' for Boris Bikes

Transport bosses in have launched a bid to plug a £5.5m-a-year-black hole in London's flagship "Boris Bikes" scheme.

The bike hire scheme needs a new sponsor after Barclay's announced it was pulling out next year. The London Assembly claims a drop in users is costing Londoners £1.36 for every bike hired.

But TfL insisted the number of people using the 10,000 bikes continues to grow. The new sponsor will be expected to bankroll the project with a minimum of £38.5m over seven years.

The minimum cost of hiring the bike is £2 for 30 minutes with a maximum daily charge of £52 for 24 hours. Riders can make multiple journeys for less than 30 minutes at no extra cost above the basic £2 fee.