Boris Johnson rejected bike hire deal worth £15m more

Boris Johnson turned down a sponsorship offer for his cycle hire scheme worth £15 million more than the winning Barclays bid.

The high street bank was awarded sponsorship rights to both "Boris bikes" and the "cycle superhighways" scheme in May, after agreeing to pay Transport for London £25 million over five years.

However, a source close to the deal said energy supplier EDF had submitted a rival bid worth £40 million in total.

The French-owned company is understood to have offered to pay around half the package in cash and the rest as an in-kind contribution, thought to be a major investment in London's energy infrastructure.

A Transport for London spokesman said: "When we were recruiting for the cycle hire scheme we made it clear that we were seeking a cash sponsor. Barclays submitted the best, highest value cash bid."

An EDF spokesman confirmed it had made a bid but would not reveal specific details.