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Angel Trains is a British rolling stock operating company (ROSCO) created in 1994 as part of the privatisation of British Rail. Together with Porterbrook and Eversholt Rail Group (formerly HSBC Rail), it is one of three original ROSCOs established during the privatisation effort.[1] When created, each ROSCO owned around a third of the rolling stock of British Rail. With the emergence of new rolling stock financiers, such as Rock Rail, Agility Trains and XLT, the traditional ROSCO businesses face increasing challenges to maintain market share.

Angel Trains Limited
SuccessorAlpha Trains Edit this on Wikidata
Headquarters123 Victoria Street, London SW1E 6DE
ProductsRolling stock
Number of employees
ParentConsortium of:
AMP Capital Investors
PSP Investments
International Public Partnerships


Angel Trains was created in 1994 as part of the privatisation of British Rail. It was briefly owned by the Japanese investment bank, Nomura Holdings (with other shareholders) until 1997 when it was bought for around £395 million[2] and became a wholly owned subsidiary of the Royal Bank of Scotland Group.[3][4]

The company expanded its leasing business, especially in Europe. A joint venture with Vossloh formed another leasing company Locomotion Capital Ltd. in 2000. Additionally, through investment in its international branches Angel Trains Cargo (leasing freight rolling stock) and Angel Trains Europa (leasing passenger rolling stock) it became one of the largest rolling stock leasing companies in Europe - specifically in terms of freight locomotives.

In 2008, the Royal Bank of Scotland group sold Angel Trains for £3.6 billion as part of a £10 billion assets sale to raise cash.[5][6] On 13 June 2008, the Royal Bank of Scotland announced that a consortium led by Babcock & Brown had acquired the business.[1] Following a management buyout of Babcock & Brown in 2009, the lead investor in the consortium was renamed Arcus Infrastructure Partners.[citation needed] As part of the takeover Angel Trains Group was split and Angel Trains International and Angel Trains Limited became two separately owned companies. On 1 January 2010, Angel Trains International was renamed Alpha Trains.[7]

As of 2011, Angel Trains Limited, whose leasing activities now take place in the UK only, was owned by a consortium of infrastructure and pension investors.[8]

See alsoEdit


  1. ^ a b "RBS sells off rail stock business". BBC News. 13 June 2008. Retrieved 13 June 2008.
  2. ^ The Royal Bank of Scotland Group agrees to acquire Angel Trains
  3. ^ Background
  4. ^ RBS confirms sale of Angel Trains
  5. ^ "Angel Trains' owners may pay price for costly leases". 14 June 2008.
  6. ^ "RBS to unveil sale of Angel Trains and £10 billion rights issue". 21 April 2008.
  7. ^ "Angel becomes Alpha". Railway Gazette International. 14 January 2010.
  8. ^ "Angel Trains completes debt refinancing". Railway Gazette International. 27 April 2011.

External linksEdit