Three companies raked in £1BILLION over five years by leasing out train carriages to rail firms 2 min read

0
20

Three companies raked in £1BILLION over five years by leasing out train carriages to rail firms

  • Companies that own most of UK’s train carriages accused of ‘raking in’ profits
  • Angel Trains, Eversholt and Porterbrook own most locomotives and carriages
  • Angel Trains declared pre-tax profit of £536.3 million between 2014 and 2018 
  • Eversholt made £224.8 million in that period; Porterbrook made £208.24 million between 2014 and 2017

The private companies which own most of Britain’s train carriages are accused of ‘raking in’ profits after making almost £1 billion in the last five years.

Check this out  Kelly Brook has reinvented herself as a radio DJ

Rolling stock firms get 13p from every pound of fares with three – Angel Trains, Eversholt and Porterbrook – owning most locomotives and carriages, and leasing them to the train operators.

Some stock is 40 years old, dating back to British Rail. Angel Trains declared pre-tax profit of £536.3 million between 2014 and 2018; Eversholt made £224.8 million in that period, while Porterbrook made £208.24 million between 2014 and 2017. It has not yet declared for 2018.

The private companies which own most of Britain¿s train carriages are accused of ¿raking in¿ profits (stock image, King's Cross Station)

The private companies which own most of Britain’s train carriages are accused of ‘raking in’ profits (stock image, King’s Cross Station)

Angel Trains’ profit was almost 30 per cent of revenue in 2016, when it made £138.2million from £448.7million. Eversholt is owned by Hong Kong investors, Angel Trains is ‘a consortium from Australia, Canada, Luxembourg and the UK’ while Porterbrook is owned by firms including RBS, EDF Invest and Allianz.

Labour MP Wes Streeting said: ‘These figures show the extent to which private companies are absolutely raking it in.’ A review is being led by former British Airways chief executive Keith Williams. Bruce Williamson, of the campaign group Rail Future, said: ‘There’s a case for the profits from rolling stock companies to be looked at. Hopefully the Williams Review will do that.’

Check this out  Danny Ings on his fresh start at Southampton after life in the shadows at Liverpool

Porterbrook said it is ‘proud to be UK tax resident and support British workers. Since 1996 we have invested £3 billion in new trains, almost all being built in Derby.’ Angel Trains ‘has invested £5 billion in rolling stock since 1994’.

Advertisement