Latest news with #Cosmen
Yahoo
08-04-2025
- Business
- Yahoo
Italian rail operator reveals €1bn investment to tackle Eurostar monopoly
Italian state railway group Ferrovie dello Stato (FS) on Tuesday revealed plans to launch a high-speed rail service between Paris and London through the Channel Tunnel. The service, set to be launched by 2029, will challenge Eurostar's long-running monopoly on the route between the UK capital and mainland Europe. FS said that the project, with an earmarked €1 billion, would be carried out in partnership with Spanish firm Evolyn, led by the Cosmen family. Evolyn announced back in 2023 that it wanted to launch a service between Paris and London. The details of its partnership with FS are not yet finalised. "This investment is a decisive step forward in FS Group's vision of building a more integrated, competitive and sustainable European rail network," Stefano Antonio Donnarumma, FS Group CEO, said in a statement. "High-speed rail networks are the backbone of efficient and environmentally friendly mobility, and by expanding our presence on key corridors, we are not just investing in infrastructure and innovation, but also in the future of European transport," he added. The link between London and Paris could be extended to services via Lille, Ashford, Lyon, Marseilles and Milan, said FS on Tuesday. Related Evolyn: The high-speed rail startup with mystery investors coming for Eurostar's crown Virgin Group seeks to raise funding for cross-Channel Eurostar rival The announcement comes after Virgin Group, owned by billionaire Richard Branson, also made a bid to challenge Eurostar's monopoly last month. Virgin Group told the Financial Times that it intends to raise £700 million (€820mn) in debt to finance a high frequency service from London to Paris and Brussels, with plans to later extend the route to Amsterdam. The firm's plans to run trains along these routes were originally complicated by a spat over an east London rail depot, the only available space to park high-speed cross-Channel trains. After Eurostar claimed that it had used all available spots, Evolyn and Virgin appealed to the UK's rail regulator. In its statement released on Tuesday, FS said that it had received the green light from the UK's Office of Rail and Road to use the Temple Mills depot. FS added that it had obtained the necessary licenses and permits in France, and that it was working to increase capacity at St. Pancras. It said that the latter task was 'at an advanced stage'. The Italian firm already runs a high-speed service between Milan and Paris, as well as intercity trains within France. FS Group also has an established presence in the UK, where it has been present since it acquired train operator c2c in 2017. Alongside Virgin, FS, and Evolyn, firms Gemini Trains and Deutsche Bahn have expressed interest in accessing the Channel Tunnel route. Critics of Eurostar's monopoly argue that increased competition would bring ticket prices down and improve service quality.
Euronews
08-04-2025
- Business
- Euronews
Italian rail operator reveals €1bn investment to tackle Eurostar monopoly
ADVERTISEMENT Italian state railway group Ferrovie dello Stato (FS) on Tuesday revealed plans to launch a high-speed rail service between Paris and London through the Channel Tunnel. The service, set to be launched by 2029, will challenge Eurostar's long-running monopoly on the route between the UK capital and mainland Europe. FS said that the project, with an earmarked €1 billion, would be carried out in partnership with Spanish firm Evolyn, led by the Cosmen family. Evolyn announced back in 2023 that it wanted to launch a service between Paris and London. The details of its partnership with FS are not yet finalised. "This investment is a decisive step forward in FS Group's vision of building a more integrated, competitive and sustainable European rail network," Stefano Antonio Donnarumma, FS Group CEO, said in a statement. "High-speed rail networks are the backbone of efficient and environmentally friendly mobility, and by expanding our presence on key corridors, we are not just investing in infrastructure and innovation, but also in the future of European transport," he added. The link between London and Paris could be extended to services via Lille, Ashford, Lyon, Marseilles and Milan, said FS on Tuesday. Related Evolyn: The high-speed rail startup with mystery investors coming for Eurostar's crown Virgin Group seeks to raise funding for cross-Channel Eurostar rival The announcement comes after Virgin Group, owned by billionaire Richard Branson, also made a bid to challenge Eurostar's monopoly last month. Virgin Group told the Financial Times that it intends to raise £700 million (€820mn) in debt to finance a high frequency service from London to Paris and Brussels, with plans to later extend the route to Amsterdam. The firm's plans to run trains along these routes were originally complicated by a spat over an east London rail depot, the only available space to park high-speed cross-Channel trains. After Eurostar claimed that it had used all available spots, Evolyn and Virgin appealed to the UK's rail regulator. In its statement released on Tuesday, FS said that it had received the green light from the UK's Office of Rail and Road to use the Temple Mills depot. FS added that it had obtained the necessary licenses and permits in France, and that it was working to increase capacity at St. Pancras. It said that the latter task was 'at an advanced stage'. The Italian firm already runs a high-speed service between Milan and Paris, as well as intercity trains within France. FS Group also has an established presence in the UK, where it has been present since it acquired train operator c2c in 2017. ADVERTISEMENT Alongside Virgin, FS, and Evolyn, firms Gemini Trains and Deutsche Bahn have expressed interest in accessing the Channel Tunnel route. Critics of Eurostar's monopoly argue that increased competition would bring ticket prices down and improve service quality.
Yahoo
31-03-2025
- Business
- Yahoo
Virgin gets green light for Channel Tunnel trains in blow to Eurostar
Sir Richard Branson's Virgin Group is pushing ahead with plans to run trains through the Channel Tunnel after regulators approved its application to gain access to the line. In a blow to Eurostar, the Office for Rail and Road (ORR) confirmed that Virgin could store its trains at the only UK depot available for the rail route. That is despite Eurostar claiming that the facility at Temple Mills in east London was already full with its own carriages and that there was not enough space. The dispute had threatened to stall Virgin's bid to bring competition to the Channel Tunnel for the first time since it opened in 1994. However, findings from the ORR said that two of the depot's eight maintenance lanes are underused and could be allocated to Virgin, or the other two rivals eyeing the route. Virgin said the announcement had removed the last major hurdle to it gaining access to the tunnel, clearing the way for it to launch a raft of new services from St Pancras International in London to Paris, Brussels and other cities on the Continent. Virgin is one of three groups vying to compete with Eurostar, alongside Evolyn, backed by the Spanish Cosmen family, which is the leading investor in Mobico, and Gemini Trains, chaired by Labour peer Lord Berkeley. The ORR is expected to decide between the three applicants by the summer. Virgin is already preparing to order a dozen high-speed trains that would operate through the Channel Tunnel, with the purchase likely to be worth more than £500m. It is understood that the company is also close to finalising launch funding of around £800m in debt and equity from investors, including Sir Richard, though less might be required if it opts to lease rather than buy the trains. Phil Whittingham, who is leading the rail project for Virgin, said the regulatory decision was 'really good news' as he confirmed plans to run the first trains in 2029. The Campaign for Better Transport said that much of the Channel Tunnel's potential is currently untapped and that the ORR's announcement was a boost for travellers. However, following the decision, Eurostar once again claimed there is not enough space at Temple Mills for two operators. It said: 'The options presented in the report could help create some capacity, but this would not be enough to accommodate the stated ambitions of any single operator.' Eurostar claims it uses more than six of the eight maintenance lanes each day on average, whereas the study commissioned by the ORR suggested that fewer than six were actually being used, leaving space for a new entrant. Virgin said its trains will be 200 metres long and that, with each lane stretching for 400 metres, it could make do with only one and a half if necessary. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
31-03-2025
- Business
- Telegraph
Virgin gets green light for Channel Tunnel trains in blow to Eurostar
Sir Richard Branson's Virgin Group is pushing ahead with plans to run trains through the Channel Tunnel after regulators approved its application to gain access to the line. In a blow to Eurostar, the Office for Rail and Road (ORR) confirmed that Virgin could store its trains at the only UK depot available for the rail route. That is despite Eurostar claiming that the facility at Temple Mills in east London was already full with its own carriages and that there was not enough space. The dispute had threatened to stall Virgin's bid to bring competition to the Channel Tunnel for the first time since it opened in 1994. However, findings from the ORR said that two of the depot's eight maintenance lanes are underused and could be allocated to Virgin, or the other two rivals eyeing the route. Virgin said the announcement had removed the last major hurdle to it gaining access to the tunnel, clearing the way for it to launch a raft of new services from St Pancras International in London to Paris, Brussels and other cities on the Continent. Virgin is one of three groups vying to compete with Eurostar, alongside Evolyn, backed by the Spanish Cosmen family, which is the leading investor in Mobico, and Gemini Trains, chaired by Labour peer Lord Berkeley. The ORR is expected to decide between the three applicants by the summer. Virgin is already preparing to order a dozen high-speed trains that would operate through the Channel Tunnel, with the purchase likely to be worth more than £500m. It is understood that the company is also close to finalising launch funding of around £800m in debt and equity from investors, including Sir Richard, though less might be required if it opts to lease rather than buy the trains. Phil Whittingham, who is leading the rail project for Virgin, said the regulatory decision was 'really good news' as he confirmed plans to run the first trains in 2029. The Campaign for Better Transport said that much of the Channel Tunnel's potential is currently untapped and that the ORR's announcement was a boost for travellers. However, following the decision, Eurostar once again claimed there is not enough space at Temple Mills for two operators. It said: 'The options presented in the report could help create some capacity, but this would not be enough to accommodate the stated ambitions of any single operator.' Eurostar claims it uses more than six of the eight maintenance lanes each day on average, whereas the study commissioned by the ORR suggested that fewer than six were actually being used, leaving space for a new entrant. Virgin said its trains will be 200 metres long and that, with each lane stretching for 400 metres, it could make do with only one and a half if necessary.
