Eversholt Rail Group
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| Type | Private |
|---|---|
| Industry | Finance |
| Founded | 1994 |
| Headquarters | London, UK |
| Products | Financial Services |
| Owner(s) | 3i Infrastructure, Morgan Stanley Infrastructure and STAR Capital Partners |
| Website | www.eversholtrail.co.uk |
Eversholt Rail Group (formerly HSBC Rail (UK) Limited) is one of the three major ROSCOs (Rolling Stock Operating Company) in the United Kingdom. Created in 1994 as part of the privatisation of British Rail, it owns around a third of passenger railway locomotives, multiple units and coaching stock running on Network Rail's system which it leases to various train operators.
Financing services include operating leases, procurement, refurbishment, engineering support and maintenance improvements. The company manages a fleet of over 4000 vehicles, and has a team of in-house engineers to maintain them.[1]
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[edit] History
Eversholt Leasing was established on 21 March 1994.[2] It was subsequently purchased by a consortium of investors led by Candover in February 1996. HM Government realised a sale worth €883 million, however 13 months later Candover sold Eversholt to Forward Trust, part of the HSBC Group for £726·5m.[3][4] HSBC Rail changed its name back to Eversholt in January 2010, and was sold to the Eversholt Investment Group consortium in November 2010.[3]
The privatisation and subsequent sale of the ROSCOs caused a great deal of debate, since the UK National Audit Office asserts that the UK Government had not realised fair market value for the sale of the assets [5] Eversholt Leasing's MEBO (Management/Employee Buyout Team) purchased the assets for the business for £518 million in February 1996 and in February 1997 the business was sold on to Forward Trust Group for £726 million, a gain of some 40% over the sale price of the business from the UK Department of Transport.
Testimony relating to the sale of Eversholt was given by Andrew Jukes, Managing Director of Forward Trust to the UK Parliament's Select Committee on Public Accounts, 3rd June 1998.[6][7]
[edit] See also
- HSBC Bank plc (former parent company)
- Porterbrook
- Angel Trains
- Privatisation of British Rail
- List of companies operating trains in the United Kingdom
[edit] References
- ^ HSBC Rail[dead link]
- ^ "HSBC RAIL (UK) LIMITED". workSMART.org.uk. http://www.worksmart.org.uk/company/company.php?id=02912638.
- ^ a b "HSBC sells Eversholt train leasing business". Railway Gazette International. 5 November 2010. http://www.railwaygazette.com/nc/news/single-view/view/hsbc-sells-eversholt-train-leasing-business.html.
- ^ http://www.candover.com/candover/deals/case-studies-article.jsp?id=303[dead link]
- ^ "Privatisation of the Rolling Stock Leasing Companies". Report by the Comptroller and Auditor General. 5 March 1998. http://www.nao.org.uk/publications/archive/9798.aspx.
- ^ House of Commons - Public Accounts - Minutes of Evidence
- ^ Select Committee on Public Accounts Supplementary Memorandum from Mr Andrew Jukes of Forward Trust Rail Limited
[edit] External links
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