is an English 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....
(ROSCO) created in 1994 as part of the privatisation 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...
. It was one of three ROSCOs (the others being Porterbrook
Porterbrook is one of the three major ROSCOs in the United Kingdom...
and HSBC Rail
Eversholt Rail Group is one of the three major ROSCOs in the United Kingdom...
). When created, each ROSCO owned around a third of the rolling stock of the former British Rail
British Railways , which from 1965 traded as British Rail, was the operator of most of the rail transport in Great Britain between 1948 and 1997. It was formed from the nationalisation of the "Big Four" British railway companies and lasted until the gradual privatisation of British Rail, in stages...
was created in 1994 as part of the privatisation of British rail, it was briefly owned by the Japanese investment bank, Nomura Holdings
Nomura Holdings, Inc. is a Japanese financial holding company, and a principal member of the Nomura Group.In October 2008 the company acquired Lehman Brothers Holdings's investment banking and equities unit in Asia and Europe and kept on most of its employees. Nomura paid $225 million for the...
(with other shareholders) until 1997 when it was bought for ~£395 million and became a wholly owned subsidiary of the Royal Bank of Scotland Group.
The company expanded its leasing business, especially in Europe. A joint venture with Vossloh
Vossloh AG is a German transport technology manufacturer based in the Westphalian town of Werdohl. The group has 4,700 employees , and generated sales of €1.2 billion, of which approximately 60% came from the rail infrastructure division, and the remainder from the motive power and components...
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, due to the ongoing financial crisis of 2007–2010 the Royal Bank of Scotland group sold Angel Trains
for ~£3.6 billion as part of a ~£10 billion assets sale to raise cash. On 13 June 2008 the Royal Bank of Scotland announced that a consortium led by Babcock & Brown had acquired the business. As part of the takeover Angel Trains Group was split and Angel Trains International
and Angel Trains Limited
became two separate companies. On 1 January 2010, Angel Trains International was renamed Alpha Trains
Alpha Trains is a rolling stock leasing company operating in the European Union and EFTA regions of mainland Europe.-History:Alpha Trains was formed on 1 January 2010 from the former mainland European business of Angel Trains, being renamed from Angel Trains International-Assets:*Passenger trains...
Angel Trains Limited
whose leasing activities take place in the UK only, is now owned by a consortium of infrastructure and pension investors.