Porterbrook
Encyclopedia
Porterbrook is one of the three major ROSCOs (Rolling Stock Operating Company
) in the United Kingdom
(the other two being Angel Trains
and HSBC Rail
). It owns around a third of passenger railway locomotive
s, multiple unit
s and coaching stock running on Network Rail
's system which it leases to various train operators.
Since 1996 Porterbrook has spent more than £1.5bn on new rolling stock in the UK and also leases to freight companies Freightliner
, GBRf and DB Schenker. It also expanded to hire locomotives and stock on the European Continent, however the European operations were sold to CBrail
in 2004.
. In January 1996 it was sold in a management-employee buyout, and then in August 1996 it was bought by Stagecoach Group
. In 2000 Stagecoach sold it on to Abbey National
bank for £1.4bn. On Grupo Santander
's takeover of the Abbey, ownership of Porterbrook passed to the Spanish bank.
On 27 October 2008 Porterbrook announced that Abbey had reached an agreement to sell the company to a consortium of Deutsche Bank, Lloyds TSB and BNP Paribas. The transaction was valued at £2 billion.
Rolling Stock Operating Company
In the United Kingdom, a Rolling Stock Operating Company owns and maintains railway engines and carriages which are leased to Train Operating Companies who actually operate the trains....
) in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
(the other two being Angel Trains
Angel Trains
Angel Trains is an English Rolling Stock Operating Company created in 1994 as part of the privatisation of British Rail. It was one of three ROSCOs...
and HSBC Rail
HSBC Rail
Eversholt Rail Group is one of the three major ROSCOs in the United Kingdom...
). It owns around a third of passenger railway locomotive
Locomotive
A locomotive is a railway vehicle that provides the motive power for a train. The word originates from the Latin loco – "from a place", ablative of locus, "place" + Medieval Latin motivus, "causing motion", and is a shortened form of the term locomotive engine, first used in the early 19th...
s, multiple unit
Multiple unit
The term multiple unit or MU is used to describe a self-propelled carriages capable of coupling with other units of the same or similar type and still being controlled from one driving cab. The term is commonly used to denote passenger trainsets consisting of more than one carriage...
s and coaching stock running on Network Rail
Network Rail
Network Rail is the government-created owner and operator of most of the rail infrastructure in Great Britain .; it is not responsible for railway infrastructure in Northern Ireland...
's system which it leases to various train operators.
Since 1996 Porterbrook has spent more than £1.5bn on new rolling stock in the UK and also leases to freight companies Freightliner
Freightliner (UK)
Freightliner Group Limited is a rail freight and logistics company, founded in 1995 and now operating in the United Kingdom, Poland, and Australia. It is the second largest rail freight operator in the UK, after DB Schenker Rail .- History :...
, GBRf and DB Schenker. It also expanded to hire locomotives and stock on the European Continent, however the European operations were sold to CBrail
CBrail
CBRail Sàrl is a European rolling stock leasing company based in Luxembourg, formed in 2004 from the European operations of Porterbrook.Since March 2010 the company's rail leasing activities in Germany and Luxembourg have been carried out by the renamed subsidiary Ascendos Rail Leasing.The company...
in 2004.
History
Porterbrook was created in 1994 as part of the privatisation of British RailPrivatisation of British Rail
The privatisation of British Rail was set in motion when the Conservative government enacted, on 19 January 1993, the British Coal and British Rail Act 1993 . This enabled the relevant Secretary of State to issue directions to the relevant Board...
. In January 1996 it was sold in a management-employee buyout, and then in August 1996 it was bought by Stagecoach Group
Stagecoach Group
Stagecoach Group plc is an international transport group operating buses, trains, trams, express coaches and ferries. The group was founded in 1980 by the current chairman, Sir Brian Souter, his sister, Ann Gloag, and her former husband Robin...
. In 2000 Stagecoach sold it on to Abbey National
Abbey National
Abbey National plc was a UK-based bank and former building society, which latterly traded under the Abbey brand name. It became a wholly owned subsidiary of Grupo Santander of Spain in 2004, and was rebranded as Santander in January 2010, forming Santander UK along with the savings business of the...
bank for £1.4bn. On Grupo Santander
Grupo Santander
The Santander Group is a banking group centered on Banco Santander, S.A., the largest bank in the Eurozone and one of the largest banks in the world in terms of market capitalisation. According to Forbes Magazine Global 2000, it is the 13th largest public company in the world...
's takeover of the Abbey, ownership of Porterbrook passed to the Spanish bank.
On 27 October 2008 Porterbrook announced that Abbey had reached an agreement to sell the company to a consortium of Deutsche Bank, Lloyds TSB and BNP Paribas. The transaction was valued at £2 billion.