Angel Trains

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Angel Trains is a British company that leases railway rolling stock to train operators. It is one of the three original ROSCOs (rolling stock companies) created during the privatisation of British Rail, alongside Eversholt Rail Group and Porterbrook. Angel Trains began in March 1994 as a British Rail subsidiary and was named after the Angel area in London.

Ownership today: AMP Capital Investors owns 55%, PSP Investments 30%, International Public Partnerships 5%, with the rest held by others.

Key history:
- 1995: Sold to a consortium led by Nomura Holdings (85%), Babcock & Brown (10%), and John Prideaux (5%).
- 1996: Had contracts with 19 of the 25 UK train operators and owned about 3,755 vehicles.
- 1997: Sold to Royal Bank of Scotland for about £395 million, a move that sparked controversy about undervaluation.
- Late 1990s–2000s: Expanded into Europe; established Angel Trains International, later rebranded Alpha Trains in 2008.
- 2000s: Supplied new trains such as the Class 390 Pendolino for Virgin West Coast, including the active-tilt design.
- 2008: Acquired by a consortium for about £3.6 billion, strengthening its position in Britain’s rolling stock leasing market.
- 2010s: International arm became Alpha Trains; pursued major orders for Hitachi high-speed bi-mode trains, including 19 five-car Class 802 units for TransPennine Express (Nova 1).
- 2018–2022: Launched environmental and efficiency projects, such as converting Class 165 diesel units to hybrid diesel–battery trains; explored hydrogen fuel cells for Class 314 with ScotRail; joined renewable-energy rail projects and battery-power trials for high-speed trains with Hitachi.
- Fleet size: By the late 2010s, Angel Trains’ inventory was about 4,400 rolling stock vehicles, including many inherited from the British Rail era.