Angel Trains
Angel Trains
Angel Trains stands as the UK's leading rolling stock leasing company, driving innovation and significant investment in the rail industry through new rolling stock and refurbishment programmes. This venture supports thousands of jobs and paves the way for a greener, more efficient UK rail system.
About
Angel Trains emerged in 1994 as one of three rolling stock leasing companies (‘ROSCOs’) leading up to the privatisation of British Rail. Today, with an asset base of over 4,000 vehicles, it holds the distinction of being the UK’s largest ROSCO.
The Company's core expertise lies in procuring state-of-the-art rolling stock and leasing it to various train operating companies ('TOCs’). These leasing agreements typically last between seven and ten years. Angel Trains adopts a proactive asset management strategy to unlock the full potential of their rolling stock assets throughout their lifecycle—from initial procurement and delivery to fleet management, enhancements, and eventual disposal.
However, it is the TOCs that are responsible for the operation of the train services under agreements with the Department for Transport. As a result, its lease revenues are largely unaffected by changes in passenger numbers.
Timeline
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1994
Angel Trains emerged as one of three rolling stock leasing companies
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2008
August
INPP reaches financial close -
Project Finance Magazine – award winner
European Acquisition Deal of the Year
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Jane’s Transport – award winner
European Rail of the Year
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2012
October
INPP makes further investment into Angel Trains -
2014
September
Won bid to provide 150 new, high quality passenger carriages to Stagecoach South West Trains Limited (‘SSWT’) with a value of approximately £240 million -
2021
September
INPP makes further investment into Angel Trains -
2023
June
Total number of vehicles now over 4,000
Key impacts and benefits
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Why we invested in Angel Trains
Our strategic investment in Angel Trains demonstrates INPP’s drive to fund assets that are not only financially resilient but also play a significant role in the modernisation and decarbonisation of essential infrastructure.
- Experienced Management: A team who have built long-lasting relationships with key counterparties
- Resiliency: A highly robust business with a track record of adapting to market conditions
- Performance: Excellent operating performance since establishment in 1994
- Decarbonisation: Commitment to supporting the decarbonisation of transport in the UK
Sustainable Development Goals (SDGs)
2030 Agenda for Sustainable Development adopted by UN Member States in 2015
SDGs supported:
Outcomes
Angel Trains offers INPP a unique opportunity to contribute to the UK’s green energy transition while promoting economic growth through job creation and an investment that delivers a consistent risk-adjusted return.
- Green Transition: Angel Trains plays a key role in the transport sector’s transition to net zero, with 99% of investments in electric or bi-modal vehicles since 2000
- Investment: Over £5 billion invested in rolling stock and refurbishment since its inception
- Job Creation: Angel Trains manages the rolling stock it procures over its lifecycle and has delivered thousands of jobs throughout its supply chain in the process