Santander confirmed as next sponsor of London's "Boris Bikes"

A seven-year sponsorship worth £6.25m a year has been agreed for the 'Santander Cycles', with a further £1m a year covering additional marketing, promotions and offers.

The 11,500 bikes, 748 docking stations and 32 service vehicles will be fully re-branded from April, alongside staff uniforms and membership keys.

Mayor of London Boris Johnson said: “In Santander Cycles, we have a new red icon symbolising the Capital to Londoners, and the world. Santander’s marketing expertise will help us take the Cycle Hire scheme to a new level, and I am thrilled to welcome them.”

It couldn't be a better time to get involved in cycling

“With my Cycling Vision about to bear fruit in new Superhighways, Quietway cycle routes and better junctions, there will be more opportunities than ever for Santander Cycles. It couldn't be a better time to get involved in cycling,” he added.

Over 10m hires were made in 2014, a rise of 25% from the year before. City Hall said the deal was the most lucrative public sector sponsorship in the world.

A smartphone app will also be introduced to make it easier to find a bike and to pay hiring charges.

Nathan Bostock, CEO of Santander UK, said: “The Santander Cycles scheme is a great example of our commitment to supporting the communities in which we operate across the UK. We are committed to making the experience of using Santander Cycles as simple, personal and fair as possible.”