Train firm bosses earned £3.5m as dividends hit £400m
Rolling stock companies paid out substantial sums to shareholders while leasing trains to operators.
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The chief executives of three companies that lease trains to Britain's railways received a combined £3.5 million in pay last year. During the same period, these firms distributed nearly £400 million to shareholders through dividends. Rail unions have voiced criticism, suggesting the companies are profiting at the expense of passengers.
Figures released this week show that Porterbrook Holdings paid £80 million in dividends. The company also increased the salary of its chief executive, Mary Grant, by over 10 per cent to £1.44 million. Eversholt Rail distributed £200 million in 2025 before its sale, with its chief executive, Mary Kenny, receiving £1.33 million. Angel Trains paid £111 million in dividends and paid its chief executive, Malcolm Brown, £700,000.
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A new strategy could see the government buying trains outright instead of leasing them from private firms.
Union calls for action
The RMT union has called for a levy on rolling stock companies (Roscos) in light of these dividend payments and executive salaries. Eddie Dempsey, general secretary of the RMT, stated that while the government's exploration of publicly owned rolling stock is welcome, immediate action is needed during the cost of living crisis. He proposed a 'cost of travel' levy on profits to fund a 3.4 per cent fare cut.
The RMT highlighted that the three largest Roscos have collectively paid out £2.4 billion in dividends over the past decade. The union's proposal suggests using these funds to reduce passenger fares rather than allowing the money to be distributed to shareholders.
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Industry response and context
Rail operators collectively spent more than £4 billion leasing trains from these Roscos last year, with the companies reporting an average net profit margin of 18.5 per cent. A spokesperson for Porterbrook stated that the company has invested over £1 billion in new trains, fleet upgrades, and rail infrastructure since 2020, with plans to invest a further £1 billion. They added that shareholder funding enables these substantial investments in the railway and confirmed their companies are UK tax resident, having paid £82 million in taxes over the last three years.
Angel Trains, incorporated in Jersey, stated that decisions on future fleets should prioritise passenger outcomes while maintaining conditions for future investment. A spokesperson for the company indicated a willingness to work constructively with the government and Great British Railways. Eversholt Rail and its new owner, Beacon Rail, were approached for comment.
The figures emerge as the government considers a new rolling stock strategy, which includes exploring direct ownership of trains through the public body Great British Railways as an alternative to leasing from the private sector. Heidi Alexander indicated that if public ownership of trains best serves taxpayers and passengers, it should be pursued.
Questions this report answers
+How much did the chief executives of the three train supply firms earn?
The chief executives of Porterbrook Holdings, Eversholt Rail, and Angel Trains received a combined total of £3.5 million in salaries last year. Mary Grant of Porterbrook earned £1.44 million, Mary Kenny of Eversholt earned £1.33 million, and Malcolm Brown of Angel Trains earned £700,000.
+How much did these train supply firms pay out to shareholders?
The three firms paid out a combined total of nearly £400 million to shareholders in dividends last year. Porterbrook Holdings paid £80 million, Eversholt Rail paid £200 million before its sale, and Angel Trains paid £111 million.
+What is the RMT union proposing?
The RMT union is calling for a 'cost of travel' levy on the profits of rolling stock companies. They propose using these funds to introduce a 3.4 per cent cut in rail fares, arguing that the money should benefit passengers rather than shareholders.
+What is the government considering for future train ownership?
The government is considering a new rolling stock strategy that includes the potential direct ownership of trains by a public body, Great British Railways. This approach is being explored as an alternative to the current system of leasing trains from private sector rolling stock companies.
WE FILE
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The London Travel Desk assembled this report from the outlets listed below. Language-model drafting is reviewed under human editorial supervision, with scoring notes and corrections kept visible.
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