FirstGroup plc (FGROY.PK,FGROF.PK,FGP.L), on Thursday, said it has been awarded the contract by Transport for London or TfL to operate the IFS Cloud London Cable Car that links the Greenwich Peninsula with the Royal Docks area on the north bank of the River Thames.
The contract is scheduled to commence on the 28th of June, 2024, and will have an initial core span of five years, with a provision for an additional three-year extension. The Group anticipates a total revenue of about £60 million spanning the eight-year duration of the contract, with patronage risk shouldered by the authority. Furthermore, there is a limited amount of capital expenditure and contingent capital required.
Over the life of the contract, the Group stated that it would support TfL in its vision to promote the cable car as a leader in London's leisure market. The Group is already working on plans to improve the service during the period of the contract, as well as creating educational outreach and work placements for school students in the local boroughs of Greenwich and Newham.
Graham Sutherland, FirstGroup Chief Executive Officer, said, "We are delighted to have been awarded the contract to operate the London cable car, the only urban cable car in the UK. We are looking forward to working with Transport for London in order to develop the customer proposition for this iconic London experience and landmark and place the service at the heart of its local community."
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