DfT OLR Holdings

DfT OLR Holdings (DOHL) is a holding company established by the Department for Transport in the United Kingdom to act as operator of last resort for rail franchises that are nationalised.

DfT OLR Holdings
TypeHolding company
IndustryRail transport
Founded2018
Headquarters
London
,
England
Area served
United Kingdom
Key people
  • Richard George (Chairman)
  • Robin Gisby (CEO)
ServicesTrain operating company management
Revenue£1.6 billion (2021)
£46 million (2021)
£11 million (2021)
Number of employees
10 (2021)
ParentDepartment for Transport
Subsidiaries
Websitewww.gov.uk/government/organisations/dft-olr-holdings-limited

History

DfT OLR Holdings was established in 2018 by the Department for Transport to operate rail franchises should it become necessary to bring them into public ownership and operate as an operator of last resort in accordance with section 30 of the Railways Act 1993.[1] As of May 2022, the company operates three active subsidiaries; London North Eastern Railway, Northern Trains and Southeastern.

Subsidiaries

DOHL has a number of active and dormant subsidiaries.[2] These include

London North Eastern Railway

On 24 June 2018, London North Eastern Railway took over the InterCity East Coast franchise from Virgin Trains East Coast after the latter ran into financial difficulty.[3][4]

Northern Trains

On 1 March 2020, Northern Trains took over the Northern franchise from Arriva Rail North after the latter became financially unviable.[5][6]

SE Trains

On 17 October 2021, SE Trains, trading as Southeastern, took over the South Eastern franchise from London & South Eastern Railway after financial irregularities were uncovered.[7]

Train Fleet (2019)

Now-dormant Train Fleet (2019) Limited was established in August 2019 to take ownership of 40 Class 365 units from Eversholt Rail Group. This arose from a complex financial arrangement, struck during the privatisation of British Rail by the British Railways Board when the trains were financed by financial institutions, that gave Eversholt the option to pass on their lease liabilities back to the government.[8][9] In July 2021, all were sold back to Eversholt after termination of their leases with Govia Thameslink Railway was agreed.[10]

See also

References
  1. Annual report for year ended 31 March 2021 DfT OLR Holdings
  2. "DfT OLR Holdings Limited: tax strategy 2021 to 2022". DfT OLR Holdings. 31 March 2022. Retrieved 2 May 2022.
  3. Transport minister ends Virgin East Coast franchise The Railway Magazine issue 1407 June 2018 page 7
  4. LNER brand revived for East Coast] Rail Express issue 266 July 2018 page 10
  5. Government takes over Northern franchise Rail Express issue 286 March 2020 page 6
  6. Arriva stripped of Northern franchise Railways Illustrated April 2020 page 7
  7. OLR taking over Southeastern Modern Railways issue 878 November 2021 pages 8/9
  8. "Government takes ownership of Class 365 fleet". The Railway Magazine issue 1422 September 2019 page 105
  9. "DfT takes ownership of Class 365 fleet". Today's Railways UK issue 214 October 2019 page 69
  10. "Eversholt Rail regains Class 365 ownership". Railways Illustrated September 2021 page 13
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.