Santander have been chosen as the new sponsors for the cycle hire scheme, meaning the bikes will now be red. The new ‘Santander cycles’ will take over the Boris bikes from Barclays in a deal worth £7m per year.

The deal comes after Barclays decided to terminate their sponsorship in 2013.

Mayor Boris Johnson announced the change speaking highly of the new sponsor.

“As everyone knows, London buses, phone kiosks and post boxes are red.

“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.”

Santander will pay £1m per year to promote and expand the scheme which saw more than 10m hires in 2014. They will introduce changes to improve the way the bikes are used and assess any previous issues.

So, what’s new? 

-The bikes will be painted red matching the traditional London buses, post boxes and phone boxes.

-They will now be called Santander Cycles

-11,500 bikes and 740 docking stations will be installed which will expand the scheme across London.

-A new app will be available which makes the cycle hire scheme easier to use.

-Santander will also extend the ‘cash back scheme’

Which do you prefer? Boris Bikes or Santander Cycles?