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2002-02-18 SRA-001
Strategic Rail Authority

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Building a better railway: £370 million investment programme for Chiltern Railways - 20 year deal signed


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Strategic Rail Authority

Building a better railway: £370 million investment programme for Chiltern Railways - 20 year deal signed
_______________________________________________________________


date
18 February 2002
source Strategic Rail Authority
type Press release



Private finance will bring big benefits for passengers in a deal signed today between the SRA and M40 Trains, the owner of the Chiltern Railways franchise. Chiltern Railways will continue to run the service, which provides
trains from London Marylebone throughout the M40 corridor to Birmingham, for up to 20 years. The agreement, which will lever in up to £371million of private finance over the length of the contract, will deliver increased capacity on the route and major benefits to passengers. A significant proportion of the investment package has been contributed by M40 Trains shareholder John Laing and the Royal Bank of Scotland.

SRA Chairman Richard Bowker, said:
" This is another good example of the private sector expressing confidence in
the rail industry's long term future. The agreement with M40 Trains will deliver
increased capacity, both through infrastructure and rolling stock
improvements, as well as improvements to stations and in customer service
geared towards creating a 21st Century railway. Passengers can look forward
to more seats, more trains, and a better all round journey experience.
"In our Strategic Plan we stressed the importance of delivering increased
capacity in London and the South East, and today's announcement will play
its part in achieving that. Moreover, it will see the further development of the
Chiltern route to Birmingham as a real alternative to the congested M40
motorway for business and leisure travellers, helping to deliver the modal shift
envisaged in the Government's Ten Year Plan."

Contracted Improvements

Chiltern Railways are now contracted to deliver a number of improvements

Highlights include:
Restoration of double track between Bicester North and Aynho
Junction to be commissioned in August 2002. This will remove the last
single track bottleneck between London Marylebone and Birmingham
Snow Hill, and enable an enhanced and more reliable timetable to
operate. This will provide an alternative route for passengers travelling
between London and the West Midlands whilst engineering work is
taking place on the West Coast Mainline.

15 out of 16 trains to arrive at their destinations punctually and reliably
- to be achieved from December 2003 (exceptions may be granted
where infrastructure enhancement work is being undertaken);

A programme for the delivery of 15 additional vehicles between
September 2002 and May 2005 and a full refurbishment of all existing
Class 165s for completion during 2004. This is in addition to 7 vehicles
which are currently under construction. There is also a requirement to
deliver as much additional rolling stock as is needed to meet demand -
up to certain limits;

Platform extensions at 13 stations to cater for longer trains to be
delivered in two phases - starting in May 2002. More will follow when
demand requires;

Construction of a new depot in the London area, and extension of the
existing depot at Aylesbury - to achieve better train reliability;

Operation of through services between London Marylebone and
Kidderminster from September 2002;

A station improvement programme including customer information
systems, enhanced passenger security, improved facilities for disabled
passengers, and better accessibility to stations;

Reopening of two new platforms at Birmingham Moor Street station;
A commitment to undertake the project management of a train
protection pilot scheme on behalf of the industry in response to the
recent Uff/Cullen report - subject to agreement from Railtrack.

Planned Developments
Chiltern have committed to implement infrastructure upgrades in the
London area, and between High Wycombe and Bicester North, which
will allow more trains and improved journey times, subject to funding
being available on acceptable terms. The funding of this scheme will be
raised through a Special Purpose financing Vehicle (SPV) on which
development work will take place over the next year.

A project to reduce journey times and increase train frequency on the
Metropolitan route between Marylebone and Aylesbury via Amersham
will be developed and considered in March 2005 - in the light of the
routing of Crossrail, and the SRA's priorities;

Future Proposals

A package of potential future schemes is included in the contract, which might
be developed further in the next few years. Included are infrastructure
improvements between South Ruislip and High Wycombe, and other ideas for
the longer term such as new parkway stations, the development of new
routes, and a local service in Greater London - provided capacity is available.

Notes to Editors
1. In August 2000, the Authority selected M40 Trains Ltd as the preferred
Counterparty, and agreed Heads of Terms with them for the replacement of
the Chiltern Railways franchise.


Railhub Archive ::: 2002-02-18 SRA-001





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