A BIKE hire scheme under threat of extinction due to lack of council funding has been rescued by two new sponsors.

ReadyBike is set to lose its funding from Reading Borough Council in April, but David Lloyd Health Club and Thames Valley Park (TVP) have stepped up to plug the gap.

The scheme was first introduced to the town in 2014, allowing visitors to hire a bike from one of 27 locations.

Councillor Tony Page, lead member for Transport and champion for the cycle hire scheme, said: “The fact that ReadyBike has successfully secured its first two sponsors is good news for the scheme as it moves towards a new funding model hopefully intended to make it commercially sustainable in future years.”

The council announced it would be pulling out funding for the scheme after severe cuts to their budget were revealed earlier this month, putting the future of ReadyBike in jeopardy.

Tim Caswell, managing director of Hourbike, ReadyBike’s operator, added: “ReadyBike has become a popular mode of transport for people across Reading and we hope more local businesses will get on board and sponsor the bikes, so that we can continue to provide affordable transport, a means of exercise and more importantly, encourage sustainable travel right on our doorstep.

“We’re delighted that two such well-known and respected names have used ReadyBike to promote their brand. Both TVP and David Lloyd both chose a package that works for them and we look forward to welcoming more sponsors on board this year following their lead.”

The new sponsors will have their logo displayed across 20 bikes in high footfall areas.

A total of 319,000 miles has been cycled by ReadyBike users since it was introduced three years ago.