The situation
Real talk: the companies that own the trains you ride every day are making bank, and not everyone is thrilled about it. Three major "rolling stock companies" (Roscos)—Porterbrook, Eversholt Rail, and Angel Trains—paid their CEOs a combined £3.5 million last year. That's a massive bag compared to the heads of Network Rail or HS2.
The receipts
According to recently published accounts, these companies didn't just pay their bosses well—they were also handing out serious cash to shareholders. Porterbrook dropped £80 million in dividends, Eversholt Rail paid out £200 million before being sold, and Angel Trains pushed out £111 million.
It’s giving major profit-taking energy, especially when you consider that rail operators spent over £4 billion just to lease these trains last year. The profit margins for these firms hit a solid 18.5%. The RMT union is lowkey furious, noting that these three companies have paid out £2.4 billion in dividends over the last decade.
The potential shift
Right now, the government is looking at a new strategy for Britain’s railways. They’re weighing the idea of letting the public body Great British Railways own the trains directly, skipping the private leasing model entirely. Heidi Alexander recently signaled that if public ownership serves passengers and taxpayers best, it’s definitely on the table.
Meanwhile, the RMT general secretary, Eddie Dempsey, is calling for a "cost of travel" levy on these profits to help fund a 3.4% fare cut. The companies argue their investments in new tech and fleet upgrades justify the business model, but for many passengers, the vibes are off.
Why it matters
With a cost-of-living crisis hitting hard, the optics of private firms pulling in billions while fares stay high is creating major tension. Whether the government moves to public ownership could signal a massive shift in how the entire UK rail system operates.
