HSBC Rail

Infobox_Company
company_name = HSBC Rail (UK) Limited
company_
company_type = Subsidiary of HSBC Holdings plc
company_slogan = The world's local bank
foundation = 1994
location = London, UK
key_people =
num_employees =
industry = Finance
products = Financial Services
homepage =
revenue =

HSBC Rail (UK) Limited is one of the three major ROSCOs (Rolling Stock Companies) 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. In common with the other ROSCOs, Angel Trains and Porterbrook, it is now owned by a major banking group, in this case HSBC.

HSBC Rail was established on 21 March 1994 [ [http://www.worksmart.org.uk/company/company.php?id=02912638 your company: HSBC RAIL (UK) LIMITED: company details - from workSMART.org.uk ] ] as Eversholt Leasing, 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 €1 billion. [http://www.candover.com/candover/deals/case-studies-article.jsp?id=303 ]

The privatization 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 in their press briefing announcing their report on the "Privatisation of the Rolling Stock Leasing Companies", Report by the Comptroller and Auditor General, dated 5 March1998 [ [http://www.nao.org.uk/pn/9798576.htm UK National Audit Office press notice - Privatisation of the Rolling Stock Leasing Companies (5 March 1998) ] ] . 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 3 June1998 [ [http://www.publications.parliament.uk/pa/cm199798/cmselect/cmpubacc/782/8030610.htm House of Commons - Public Accounts - Minutes of Evidence ] ] .

HSBC Rail offer investment and financing solutions to passenger and freight rail industry both in the UK and the rest of the world. Financing services range from, operating leases, procurement, refurbishment, engineering support and maintenance improvements. The company manages a fleets of over 4000 vehicles, and as such maintains a team of in house engineers to work on re-engineering projects to deliver improved performance, reliability and passenger environment. [ [http://www.ria.connect.co.uk/directory/hsbc.php HSBC Rail ] ]

ee also

*HSBC Bank plc (direct parent company)
*Porterbrook
*Angel Trains
*Privatisation of British Rail
*List of companies operating trains in the United Kingdom

References

External links

* [http://www.hsbc.com/ HSBC Group]
* [http://www.candover.com Candover]
* [http://www.publications.parliament.uk/pa/cm199798/cmselect/cmpubacc/782/8030626.htm Select Committee on Public Accounts Supplementary Memorandum from Mr Andrew Jukes of Forward Trust Rail Limited]