The smallest of the first-generation franchises and the only one to be vertically integrated, with the franchisee responsible for infrastructure as well as train operation. The Strategic Rail Authority extended the original franchise by two years in 2001, the original expiry date having been 12 October 2001.
13 October 1996
27 September 2003
Stagecoach Rail Ltd/Stagecoach Group plc
Ryde Pier-Shanklin (I.O.W.)
Isle of Wight Railway Company Limited (British Railways Board)
was replaced by