Prism Rail
Encyclopedia
Prism Rail was established in 1995 to acquire passenger rail franchises being made available under the Government's rail privatisation programme. It bid for 17 franchises, was shortlisted for 12 and was ultimately awarded 4, which were LTS Rail, Wales and West
, WAGN and Valley Lines Trains.
Of the four franchises it held during its five year existence, they were all different. For example, Wales and West
had a lot of rural branch line services in Devon
and Cornwall
and Wales
, it also had long-distance routes such as Cardiff
to Manchester
or London Waterloo to Fishguard
etc. Valley Lines
was Prism's smallest franchise, but this was very busy, catering for Cardiff
commuters, and also students travelling to and from the various schools and universities in the area. LTS Rail was also a busy route, linking the City of London with the East end of London and Essex towns such as Southend.
From the beginning, it was suffering from ageing infrastructure and old rolling stock, which in BR days earned it the unfortunate "Misery Line" reputation. Prism was able to start to turn that franchise around, by replacing the 40-year old trains with more modern (but secondhand) trains, until their new Class 357s
arrived in 2000. WAGN had a large commuter market, from North London and Hertfordshire towns into London, it also had a large leisure market, from London to Cambridge.
Prism Rail was founded by a number of individuals from the bus industry. Four of the individuals, Godfrey Burley, Giles Fearnley, Bob Howells and Len Wright, were directors of the Company.
The company raised the money to acquire its first passenger rail franchise from a small number of institutional investors, following which the shares became quoted on the stock market. The capital to acquire subsequent franchises was raised through the stock market.
Prism Rail was acquired
by the National Express Group
in 2000.
Wales and West
Wales & West was a British Train Operating Company that ran services from 1997 to 2001, and was one of the original 25 Train Operating Companies that were set up after the UK Rail Industry was privatised...
, WAGN and Valley Lines Trains.
Of the four franchises it held during its five year existence, they were all different. For example, Wales and West
Wales and West
Wales & West was a British Train Operating Company that ran services from 1997 to 2001, and was one of the original 25 Train Operating Companies that were set up after the UK Rail Industry was privatised...
had a lot of rural branch line services in Devon
Devon
Devon is a large county in southwestern England. The county is sometimes referred to as Devonshire, although the term is rarely used inside the county itself as the county has never been officially "shired", it often indicates a traditional or historical context.The county shares borders with...
and Cornwall
Cornwall
Cornwall is a unitary authority and ceremonial county of England, within the United Kingdom. It is bordered to the north and west by the Celtic Sea, to the south by the English Channel, and to the east by the county of Devon, over the River Tamar. Cornwall has a population of , and covers an area of...
and Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, it also had long-distance routes such as Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
to Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
or London Waterloo to Fishguard
Fishguard
Fishguard is a coastal town in Pembrokeshire, south-west Wales, with a population of 3,300 . The community of Fishguard and Goodwick had a population of 5043 at the 2001 census....
etc. Valley Lines
Valley Lines (train operating company)
For the surviving urban rail network around Cardiff, formerly operated by this franchise but today by Arriva Trains Wales, see Valley LinesValley Lines was the trading name of the Cardiff Railway Company, the franchise which operated most of these services from privatisation in 1996 until 2001,...
was Prism's smallest franchise, but this was very busy, catering for Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
commuters, and also students travelling to and from the various schools and universities in the area. LTS Rail was also a busy route, linking the City of London with the East end of London and Essex towns such as Southend.
From the beginning, it was suffering from ageing infrastructure and old rolling stock, which in BR days earned it the unfortunate "Misery Line" reputation. Prism was able to start to turn that franchise around, by replacing the 40-year old trains with more modern (but secondhand) trains, until their new Class 357s
British Rail Class 357
The British Rail Class 357 "Electrostar" alternating current electric multiple units were built by ADtranz at their Litchurch Lane Works in Derby, England, in two batches from 1999 to 2002 at a cost of approximately £292 million...
arrived in 2000. WAGN had a large commuter market, from North London and Hertfordshire towns into London, it also had a large leisure market, from London to Cambridge.
Prism Rail was founded by a number of individuals from the bus industry. Four of the individuals, Godfrey Burley, Giles Fearnley, Bob Howells and Len Wright, were directors of the Company.
The company raised the money to acquire its first passenger rail franchise from a small number of institutional investors, following which the shares became quoted on the stock market. The capital to acquire subsequent franchises was raised through the stock market.
Prism Rail was acquired
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
by the National Express Group
National Express Group
National Express Group plc is a British transport group headquartered in Birmingham that operates bus, coach, rail and tram services in the UK, the US and Canada, Spain, Portugal and Morocco and long-distance coach routes across Europe...
in 2000.