A spokesperson from Ernst and Young said:

“ Although there are currently no plans for redundancies at this stage, if there is a need for redundancies in the future we will sit down with unions to discuss the situation.”

Ownership of Metronet was transferred to Ernst and Young last week after Metronet ran out of funds due to an estimated £2 billion of overspending.

As a result, the company contracted to upgrade two-thirds of London's underground rail network had no access to funds that it needed in order to carry out its contractual obligations.

Meanwhile its rival, Tube Lines, the company rebuilding the Jubilee, Northern and Piccadilly lines, which together carry 40 per cent of all London Underground passengers, is rumoured to be bidding for one or two of Metronets’ PPP contracts from the administrator.