The Mayor of London , Transport for London and Santander have announced a seven-year partnership , which will see ‘ Boris bikes ’ turn from blue to red . The deal worth £43.75m is the largest public sector sponsorship in the world , and from April 11,500 of the new red-and-white bikes – renamed ‘ Santander Cycles ’ – will be available across London . An additional 750 docking stations and 32 maintenance vehicles will also be added to improve the service , and staff uniforms and membership keys will be rebranded . Scroll down for video . Mayor of London , Boris Johnson announces Santander as the new sponsor of Santander Cycles in Central London pictured with Nathan Bostock , Chief Executive of Santander UK . The deal is worth £43.75m and is the largest public sector sponsorship in the world , fulfilling Transport for London ’ s wish to secure a minimum of £5.5m a year . Mayor Boris Johnson believes that the joint vision and Santander ’ s marketing expertise will help take the Cycle Hire scheme to a new level . He said : ‘ 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 . I am thrilled to welcome them. ’ 11,500 of the new red-and-white bikes – renamed ‘ Santander Cycles ’ – will be available across London from April . An additional 750 docking stations and 32 maintenance vehicles will be added to improve the service . A smartphone app will also help make it easier for customers to find a bike and to pay the £2-a-day or £90-a-year hire charge . The deal is a 25 per cent real-terms increase on the £25m Barclays contract that began in 2010 – which was worth £5m a year – and fulfils Transport for London ’ s wish to secure a minimum of £5.5m a year . Transport for London and Santander will work together to engage new users via family-focused events in London parks . A smartphone app will help make it easier for customers to find a bike and to pay the £2-a-day or £90-a-year hire charge . The deal is a 25 per cent real-terms increase on the £25m Barclays contract that began in 2010 . The Mayor said : ‘ 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 could n't be a better time to get involved in cycling . ’
11,500 of the ' bike Cycles ' will be available across London from April . An additional 200 docking vehicles and 32 parking vehicles will be added . A smartphone connectivity will help make it easier for customers to find a bike . The bike fulfils customer ’ s wish to secure a minimum of £ 5.5 m a year .