What Angel Trains does

Angel Trains is the UK's largest rolling stock company (ROSCO), founded in 1994 and headquartered in London with operational offices in Derby. The company owns and maintains more than 4,000 rail vehicles, representing more than one-third of UK passenger rolling stock, with over £5 billion invested in rolling stock since inception. It operates a B2B leasing model, providing trains and cradle-to-grave asset management services to Train Operating Companies (TOCs) across the UK rail network. Majority ownership sits with PSP Investments (64.25%), with Arjun Infrastructure Partners and University Pension Plan Ontario as significant institutional shareholders. The company holds a Baa2 investment grade credit rating from Moody's, supporting competitive fleet financing.

The core platform spans asset management, fleet management, procurement, project management, and customer service across the full asset lifecycle. Technology capabilities include self-charging tri-mode battery hybrid drive systems that reduce emissions by approximately 30%, digital manufacturing using 3D scanning and additive manufacturing for replacement parts, IoT condition monitoring systems enabling predictive maintenance via real-time vehicle sensors, and VR/AR prototyping for design visualisation. The asset base includes Class 720 Aventra, Class 802 Bi-Mode, Class 390 Pendolino, Class 80x Hitachi, and Grand Central tri-mode fleets leased to a roster of major UK TOCs.

Angel Trains generates revenue through long-term rolling stock leasing arrangements (typically 10-year durations), asset management fees, and managed services across its supply chain, including approximately 1,000 heavy maintenance overhauls per year and around £50 million of annual supply chain maintenance spend. The customer base spans 12+ named TOCs such as Greater Anglia, TransPennine Express, Avanti West Coast, Northern Trains, ScotRail, and Transport for Wales. The company is actively positioning for UK rail decarbonisation, with 95% of new investment directed toward electric or hybrid vehicles and £450 million committed to new builds and enhancements over the next two years.

Name

Angel Trains

Legal name

Angel Trains Limited

Website

https://angeltrains.co.uk

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Angel Trains is the UK's largest rolling stock leasing company (ROSCO), owning over 4,000 rail vehicles and providing cradle-to-grave asset management services to Train Operating Companies across the UK rail network.

Ownership category

akta.pro rank

Product category

Rolling Stock Leasing

NAICS

Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing (532411), Support Activities for Rail Transportation (488210)

SIC

Services-Equipment Rental & Leasing, Nec (7359)

akta.pro primary industry

Freight Wagon (Railcar) Maintenance & Repair (TLAKAIAB)

Keywords

• Rolling stock leasing
• Train asset management
• Rail fleet financing
• Passenger rolling stock
• Rail vehicle procurement

Headquarters

HQ city

Derby

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Rolling Stock Leasing: Angel Trains owns and maintains over 4,000 rail vehicles and leases them to Train Operating Companies (TOCs). Revenue is generated through long-term leasing arrangements with operators for the use of their rolling stock fleet.
2. Asset Management Services: Comprehensive cradle-to-grave asset management including procurement of new trains, continuous enhancement of assets throughout operational life, and disposal of assets at end of lifecycle. Fees charged for fleet management, project management, and maintenance coordination.
3. Supply Chain Maintenance: Managing heavy maintenance overhauls and component changes. Approximately £50 million spent in supply chain maintaining fleets per year, 1,000 heavy maintenance overhauls managed annually.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Angel Trains owns, maintains and leases over 4,000 passenger rail vehicles to UK Train Operating Companies under long-term leasing arrangements. The company delivers cradle-to-grave asset management covering procurement, project management, fleet engineering, refurbishment, heavy maintenance oversight, and end-of-life disposal, supported by intelligent finance solutions and innovation programmes such as tri-mode battery hybrid drives and digital manufacturing.

Product overview

Angel Trains is the UK's largest rolling stock company (ROSCO) offering a comprehensive train leasing and asset management platform. The core offering encompasses cradle-to-grave asset management including fleet management, procurement, project management, product management, and customer service. The company owns and maintains over 4,000 rail vehicles spanning multiple train classes (Class 150-802, HST, Pendolino). Key products include the Class 720 Aventra fleet (£900m), Class 802 Bi-Mode Nova 1/Paragon fleets (£320m), Class 390 Pendolino refurbishment (£117m), Grand Central tri-mode battery hybrid fleet (£300m), and Hitachi Class 80x trains (£250m). Technology offerings include Smart Trains connectivity, Digital Manufacturing with 3D printing capabilities, self-charging battery hybrid drive systems, and VR/AR prototyping for design visualization.

Differentiator

Problem solved

Functional benefit

Products and services

• Asset Management Cradle-to-grave rolling stock asset management ensuring fleets deliver full potential throughout the asset lifecycle, including procurement, maintenance, refurbishment, and disposal. Offered to UK Train Operating Companies under long-term contracts.
• Fleet Management Dedicated fleet engineering team managing day-to-day operations, safety, reliability, root cause analysis, and technical documentation for owned rail vehicles.
• Rolling Stock Procurement Procurement and supplier management for new trains, heavy maintenance, refurbishment, and modification works with competitive tendering on behalf of TOCs and investors.
• Project Management Qualified project management team supporting customers from procurement specifications through to service introduction and warranty management for new fleet deliveries and refurbishments.
• Class 720 Aventra Fleet Leasing Leasing and asset management of 665 Alstom Class 720 Aventra electric multiple units procured under a £900 million project for Greater Anglia, featuring air-conditioning, real-time passenger information, plug and USB sockets, underfloor heating, and improved accessibility.
• Class 802 Bi-Mode Fleet Leasing (Nova 1 and Paragon) Leasing of 24 Hitachi Class 802 Bi-Mode trains financed under a £320 million project for TransPennine Express and Hull Trains, featuring Japanese bullet train technology that reduces harmful emissions by around 90% compared with conventional trains.
• Class 390 Pendolino Refurbishment Programme Refurbishment of 56 Alstom Class 390 Pendolino electric trains leased to Avanti West Coast, financed under a £117 million programme delivering new comfortable seating, revamped toilets, better lighting, at-seat chargers and improved Wi-Fi.
• Grand Central Tri-Mode Battery Hybrid Fleet Leasing of 45 Hitachi tri-mode battery hybrid rail cars for the Grand Central fleet under a £300 million investment and 10-year lease with Arriva Group, reducing emissions and fuel use by around 30% and adding approximately 20% more seats for around 400,000 additional passenger seats annually.
• Hitachi Class 80x Fleet for FirstGroup Leasing of 14 new 5-car Hitachi Class 80x trainsets for FirstGroup's London to Carmarthen Open Access routes under a £250 million investment, combining electric and bi-mode operation with future battery conversion capability.

Quantifiable outcome

• Tri-mode technology reduces emissions and fuel consumption by approximately 30%
• +4 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Hitachi RailcoreStrategic or Co-development Partner · 4 April 2025Strategic partnership for manufacturing tri-mode battery hybrid trains at Hitachi's Newton Aycliffe factory. Angel Trains finances and leases trains to operators including Arriva Group. Partnership includes successful battery trial conducted in 2024.
• Arriva GroupcoreChannel Partner/ Reseller/ Distributor · 4 April 2025Arriva Group placed a £300 million order with Hitachi Rail for 45 tri-mode battery hybrid train cars for Grand Central fleet, financed by Angel Trains under a 10-year leasing arrangement. Trains will be delivered starting in 2028.
• FirstGroupcoreChannel Partner/ Reseller/ Distributor · 1 December 2024FirstGroup is the operator leasing Angel Trains' new Hitachi Class 80x trainsets for London to Carmarthen and other Open Access routes. Angel Trains provides £250m financing for the 14 new 5-car trainsets.
• Readypower GroupcoreStrategic or Co-development Partner · 9 January 2022Angel Trains acquired Readypower Group, a UK-based yellow plant business with 440 people and 465 machines that maintains the UK rail network. Readypower continues to operate independently with ongoing investment. CEO Malcolm Brown chairs Readypower.
• Rail Industry Decarbonisation Task ForceminorStrategic or Co-development PartnerAngel Trains chairs the Rail Industry Decarbonisation Task Force, working with partners to deliver solutions promoting positive environmental change such as low carbon rolling stock technologies.
• AlstomcoreStrategic or Co-development PartnerPartnership with Alstom for manufacturing and maintenance of rolling stock including 53 Class 390 Pendolino units and financing £117m refurbishment of Avanti West Coast's Pendolino fleet at Alstom's Widnes site.
• Greater AngliacoreChannel Partner/ Reseller/ Distributor£900m procurement project financing 665 Class 720 Aventras built by Alstom for Greater Anglia operations. Trains feature air-conditioning, real-time information screens, plug and USB sockets, underfloor heating and improved accessibility.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Porterbrook: One of the three UK ROSCOs and Angel Trains' primary competitor. Porterbrook owns and leases passenger rolling stock to UK Train Operating Companies under the same business model, with comparable scale, customer base and asset management scope.
• Akiem: European rolling stock leasing company providing locomotives and passenger trains to operators across Europe. Similar asset management and leasing business model with a European footprint, growing competitive overlap with UK-focused ROSCOs.
• Mitsui Rail Capital Europe (MRCE): European locomotive leasing joint venture involving Mitsui. Comparable rolling stock leasing business model in the European rail market, focused primarily on locomotives and cross-border passenger traction.
• Eversholt Rail: The third major UK ROSCO, also leasing passenger rolling stock to UK TOCs. Eversholt has similar scale, technical capabilities and access to institutional capital as Angel Trains, completing the UK passenger rail leasing oligopoly.
• Beacon Rail Leasing: European rolling stock lessor with material UK operations, leasing locomotives and passenger trains to operators. A direct competitor in the UK rolling stock leasing market with a comparable asset ownership and leasing model.
• Alpha Trains: European rolling stock leasing company operating across continental Europe with a portfolio of passenger trains. Comparable leasing business model serving passenger rail operators, though geographically focused on continental Europe rather than the UK.

Others

• Alstom: Major rolling stock manufacturer and key strategic partner of Angel Trains for the £117m Pendolino refurbishment and £900m Aventra procurement. Adjacent in the value chain as a supplier and refurbishment partner, not a direct leasing competitor.
• Hitachi Rail: Major rolling stock manufacturer and the lead OEM partner for Angel Trains' tri-mode battery hybrid programme (Grand Central, FirstGroup Class 80x). Adjacent as a strategic supplier with strong UK manufacturing presence at Newton Aycliffe, not a direct competitor.

Broad incumbents

• CAF (Construcciones y Auxiliar de Ferrocarriles): Spanish rolling stock manufacturer with growing UK and European market presence, also offering some fleet services and financing arrangements. An OEM participant that increasingly competes for service and financing-led deals alongside pure lessors like Angel Trains.
• GATX: Global railcar leasing company with extensive European operations and a NYSE listing. While primarily focused on freight railcars rather than passenger trains, it offers a comparable rolling stock leasing business model at significant institutional scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks2 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/angel-trains

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries11 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Angel Trains