Porterbrook Leasing Company is one of the three major lessors of railway locomotives, multiple units and coaching stock in the UK. It was formed in 1994 by Abbey National on the privatisation of British Rail. The banks, would provide capital to purchase rolling stock, and train operating companies and freight operating companies would hire the trains. It subsequently has expanded to hire locomotives and stock on the European Continent. Great Western Railway No. ... A classic Belgian multiple unit of type 74 A multiple unit is a passenger train whose carriages have their own motors, either diesel (DMUs) or electric (EMUs), and do not need to be hauled by a locomotive. ... 1994 was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... Abbey National plc is the UKs sixth biggest bank, and Europes second largest mortgage lender, after Halifax. ... The privatisation of British Rail was the result of the Railways Act 1993 introduced by John Majors Conservative government. ...
FOUR directors and 45 staff at railway leasing company Porterbrook stand to share £80m from the £475m sale of the group to acquisitive bus operator Stagecoach.
Porterbrook, based in Derby, owns 3,774 train carriages and made a pre-tax profit of £86m on turnover of £263m in the year to the end of March.
This will later be replaced by a securitisation arrangement whereby the £550m will be repaid over seven years from revenue deriving from the leasing arrangements Porterbrook has with 16 of the 25 train operating companies.Stagecoach is financing the remainder of the deal with a 1-for-6 rights issue at 410p to raise £111m.
Additional criteria applicable to individual leases will, whenever it is reasonably possible to do so and subject to confidentiality requirements, be identified to customers during negotiation of a lease, including during the negotiation of any variations of a lease.
The length of the proposed lease period is one of the factors influencing the lease charge (as listed in paragraph 2.20).
In particular, lease charges will typically reflect the impact of different length leases on the expected value of the rolling stock over its entire lifetime, with lower charges tending to apply where uncertainty about releasing is reduced.
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