READYBIKE will be axed in two years unless a sponsor can be found.

The bike hire scheme was first launched by the council in 2014 as an affordable and healthy way to get around town.

Following its first year in action Reading Borough Council sought to find a partner to take over the running costs of the project.

Since their initial appeals last year, a backer is yet to be found and the authority has had subsidise it to the tune of £10,000 per month.

But in a package of almost £20m worth of budget savings the council has said it will stop its funding in 2018, whether or not a partner is found.

If no one comes forward the 200 orange and purple bikes spread across 29 docking stations will be removed.

Cllr Tony Page, lead member for transport, said the subsidy could not be justified while the council faced slashing tens of millions from its spending.

He added: "We have had, and are currently talking to, a number of companies who have expressed an interest in sponsoring part of it.

"We would have preferred to have a single sponsor and that is still an aspiration but in the meantime a number of companies have come forward.

"I am reasonably positive that we will secure sponsorship to keep ReadyBike going."