Boris bikes are turning red after Santander was chosen to take over the cycle hire scheme's sponsorship.

The current deal with Barclays, which features the familiar blue bikes, ends this year and was worth £5m per year.

Announced by London Mayor Boris Johnson, Santander beat Coca-Cola in the new deal which is believed to be worth about £7m a year.

More than 11,500 of the Santander Cycles and 740 docking stations will be installed across London in April.

Last year, more than 10 million journeys were made.

Mr Johnson 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.

"Santander's marketing expertise will help us take the cycle hire scheme to a new level and I am thrilled to welcome them."