Reported about 11 hours ago
Billionaire Sir Richard Branson is set to challenge Eurostar's decades-long monopoly on rail travel between London and continental Europe through a planned $900 million fundraising by his Virgin Group. The initiative aims to establish a new cross-channel rail service, which could begin operations by 2029, marking the first real competition to Eurostar since its inception in 1994. As the Virgin Group seeks to raise about £700 million, including £300 million in equity and £400 million in debt, regulatory hurdles remain, particularly concerning space at the Eurostar-leased London depot. This move signals Branson's return to the UK rail industry following the end of Virgin Trains' franchise in 2019, as demand for rail competition across Europe increases.
Source: YAHOO