The London cable car has a new look after Transport for London secured a new sponsorship deal worth up to £2.1m over the next five years.
Swedish software firm IFS will pay TfL £420,000 a year over the next five years to have the cable car, which links the O2 with the Royal Docks and City Hall, rebranded with its name and corporate colours.
It will be known as the IFS Cloud Cable Car – including on the Tube map, a key factor for the firm.
The deal, which has a two-year break clause, is 88 per cent less than the £36 million, 10-year contract TfL struck with Emirates airline when the cable car was launched in 2012.
TfL insists the cable car, which has been used for almost 15 million trips since its launch, “makes a profit” and was not at risk of closure had a sponsor not been found.
The value of the deal reflects the post-pandemic environment and the fact that the original launch tied in with the London Olympics.
The ability to have the IFS name on the Tube map was a big draw, as was the ability to catch the eye of executives attending conferences at hotels in North Greenwich but using the cable car to travel to their hotel near the ExCeL, accoridng to Oliver Pilgerstorfer, chief marketing officer at IFS.
The first two of the 36 cable car “pods” have been rebranded in the firm’s purple logo. The remainder will be done by the weekend. The red neon light in the pods will changed to purple.
Almost 15 million journeys have been made on the cable car since it opened in 2012.
Danny Price from TfL said “It’s become one of the most popular attractions in London. We are committed to making this a ‘must do’ London experience.
“Purple is clearly, with the Elizabeth line, the brand colour for innovative future branding projects.”
IFS provides the software technology that opens the passenger “gates” on the Tube. Mr Pilgerstorfer said a “lot of blood, sweat and tears” had gone into the launch.
He recalled his first trip on the cable car, during which he Face Timed his wife and children and told them: “This beats the M25, doesn’t it?”
IFS is a Swedish firm with 5,000 staff and an annual turnover in excess of $1bn. Its software is also used by the firm that operates the cable car.
Mr Pilgerstorfer said the sponsorship was a “fair deal”. He said the early reputation of the cable car as a Boris Johnson folly hadn’t “tarnished” the decision to become a sponsor.
“I think the opportunity ahead of us shows we want to give the cable car a new lease of life.”
He added: “The IFS Cloud Cable Car will serve as a great platform for our brand and will enable us to engage with visitors and Londoners alike.”
The terminals will be renamed IFS Cloud Greenwich Peninsula and IFS Cloud Royal Docks.
A single adult fare was increased early this year from £4 to £6. Children’s fares were increased from £2 to £3, though cheaper tickets are available if booked in advance.
However, cyclists are able to use the cable car for free between 7am and 9.30am on weekdays. Regular passengers can buy a “carnet” of 10 tickets for £17.
Josh Crompton, TfL’s head of the IFS Cloud Cable Car, said: “This is the start of a new chapter for London’s only cable car.
“With nearly 15 million journeys already made, this sponsorship ensures the IFS Cloud Cable Car continues to go from strength to strength giving many more the opportunity to enjoy the spectacular views from high above the River Thames.
“The partnership with IFS is really exciting, helping to deliver new ideas and initiatives for everyone to enjoy and secure its place as a must-visit UK attraction.”
