Eversholt Rail Group

What Eversholt Rail Group does

Eversholt Rail Group is a UK-based rolling stock leasing company that owns and leases a fleet of 2,627 passenger vehicles to UK Train Operating Companies, with an average fleet age of approximately 20 years. Founded in 1994 and headquartered in London, the company finances, procures, and maintains passenger trains that operate exclusively on the UK rail network under long-term lease contracts with operators including Southeastern, LNER, TransPennine Express, ScotRail, Greater Anglia, Great Western Railway, and FirstGroup. The company also operates in the freight segment via a partnership with Varamis Rail for express parcel services.

The business operates two core revenue streams: recurring rolling stock leasing fees from long-term contracts with train operators, and contracted fleet maintenance, overhaul, and refurbishment services delivered through manufacturer partnerships (Alstom, Hitachi Rail, Siemens Mobility, CAF, Wabtec). Recent product investments include the Class 321 Renatus mid-life refurbishment programme, ETCS digital signalling upgrades on the Class 185 fleet, hydrogen train development (Breeze with Alstom), battery hybrid technology with Hitachi Rail, and the Revolution Very Light Rail demonstrator with Transport Design International. The company has financed its capital-intensive model through senior debt, including a £600 million syndicated facility in 2013.

Eversholt Rail was acquired by CK Investments (Cheung Kong Infrastructure) in 2015 and subsequently acquired by Beacon in January 2026, following Competition and Markets Authority clearance. The combined entity operates under the Beacon brand as one of the leading rolling stock leasing platforms serving passenger and freight operators across the UK and European markets. The company maintains a small headcount of approximately 51-100 employees, consistent with an asset-owner model where maintenance and operational delivery are largely outsourced to manufacturing partners.

Name

Eversholt Rail Group

Legal name

Eversholt Rail Limited

Website

https://eversholtrail.co.uk

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Eversholt Rail Group is a UK-based rolling stock leasing company that owns and leases a fleet of 2,627 passenger vehicles to UK Train Operating Companies under long-term contracts, while providing fleet maintenance, refurbishment, and upgrade services through manufacturer partnerships. Now operating under the Beacon brand following its 2026 acquisition.

Ownership category

akta.pro rank

Product category

Rolling Stock Leasing

NAICS

Support Activities for Rail Transportation (48821)

SIC

Transportation Services (4700)

akta.pro primary industry

Freight Wagon (Railcar) Maintenance & Repair (TLAKAIAB)

akta.pro secondary industries

Railcar Storage & Staging Yards (TLALAKAF), Bogie/Truck, Wheelset & Bearing Shop Services (Reprofiling, Overhaul) (TLAKAIAD)

Keywords

• Rolling stock leasing
• Passenger train leasing
• Rail fleet management
• Train maintenance services
• Rail asset management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Rolling Stock Leasing: Long-term lease agreements with Train Operating Companies for passenger trains operating exclusively in the UK. Revenue generated from recurring lease payments based on fleet size and contract terms.
2. Fleet Maintenance and Refurbishment Services: Contracted maintenance, overhaul, and upgrade services for owned fleets delivered through partners including Alstom, Wabtec, Hitachi Rail, and others. Revenue from mileage-based overhauls, time-based maintenance contracts, and fleet enhancement programmes.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Eversholt Rail provides long-term leasing, financing, maintenance, refurbishment, and asset management services for passenger and freight rolling stock in the United Kingdom. The company owns a portfolio of approximately 2,627 passenger vehicles leased exclusively to UK Train Operating Companies, complemented by contracted fleet overhaul, mileage-based maintenance, and upgrade programmes delivered with manufacturing partners. It also invests in next-generation sustainable rail technologies including hydrogen (Breeze), battery hybrid, very light rail (RVLR), and ETCS digital signalling solutions.

Product overview

Eversholt Rail Group is a leading UK rolling stock leasing company that owns and manages a diverse fleet of approximately 2,627 passenger vehicles operating exclusively in the UK. The company operates under the Beacon brand following Beacon's acquisition, creating one of the leading rolling stock leasing platforms serving passenger and freight operators in the UK and European markets. The product portfolio centers on rolling stock leasing and fleet management services, supplemented by innovative technology programs including the Class 321 Renatus refurbishment, Revolution Very Light Rail (RVLR) battery-only vehicles, hydrogen train development (Breeze), and battery hybrid technology partnerships with Hitachi Rail. The company also develops freight solutions like Swift Express Freight and provides digital signalling upgrades including ETCS deployment. With an average fleet age of approximately 20 years, Eversholt Rail balances maintaining existing rolling stock with investing in next-generation sustainable rail technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Rolling Stock Leasing Long-term leasing of passenger rolling stock to UK Train Operating Companies; Eversholt Rail owns approximately 2,627 passenger vehicles (average fleet age ~20 years) leased exclusively to UK passenger and freight operators.
• Fleet Management Services Comprehensive asset management services including maintenance contracts, mileage-based overhauls, fleet upgrades, refurbishment programmes, and reliability enhancements delivered through manufacturer partners.
• Class 321 Renatus Refurbishment Programme Extensively refurbished Class 321 electric multiple units delivered in partnership with Wabtec, featuring new air conditioning, seating, Wi-Fi, power sockets, LED lighting, and PRM-compliant toilets.
• Class 395 Javelin Fleet Upgrade £27m upgrade programme for 29 Class 395 high-speed Javelin trains (174 carriages) leased to Southeastern, including interior refresh, USB charging, LED lighting, new passenger information systems, and CCTV installation.
• Class 222 Meridian Lease for Lumo Open Access Service Lease of five Class 222 trains to FirstGroup for new London to Stirling open access services under the Lumo brand, with Alstom-led maintenance and reconfiguration to 6 cars, new interiors, CCTV, and Intelligent Engine Start Stop.
• Revolution Very Light Rail (RVLR) Demonstrator Innovative battery-only very light rail vehicle demonstrator developed with Transport Design International, designed for branch lines, reopening of disused railway lines, and network extensions. Three new vehicles funded for passenger trials.
• Swift Express Freight Service Express freight rail service using converted Class 321 trains, leased to Varamis Rail for high-speed, low-carbon parcel transportation across the UK.
• Hydrogen Train Solutions (Breeze) Hydrogen train development programme with Alstom converting Class 321 trains to hydrogen power for zero-emissions operation, with hydrogen supply infrastructure developed in partnership with H2 Green.
• Battery Hybrid Train Technology Electric-diesel-battery tri-mode train technology developed with Hitachi Rail for GWR Class 802 trains, targeting 20%+ fuel savings and improved environmental performance.
• ETCS Digital Signalling Upgrade (Class 185) European Train Control System (ETCS) digital signalling upgrades for Class 185 trains in partnership with Siemens Mobility and TransPennine Express.
• Class 334 Fleet Overhaul for ScotRail £12m mileage-based overhaul contract with Alstom for the ScotRail Class 334 fleet, including time-based overhaul, reliability works, and air conditioning installation.
• Class 185 Fleet Refurbishment for TransPennine Express £32m refurbishment programme for TransPennine Express Class 185 fleet including new seats, plug and USB sockets at every pair of seats, bigger tables, refitted toilets, LED lighting, and Wi-Fi, delivered with Siemens.
• Class 320 ScotRail Upgrade £6m interior refresh for ScotRail Class 320 fleet including new moquette, at-seat power sockets, dedicated cycle space, and enhanced CCTV, delivered at KBRS Springburn Depot.

Quantifiable outcome

• £27 million investment in Class 395 Javelin highspeed fleet upgrade including interior refresh, USB charging, LED lighting, passenger information systems, and CCTV across 29 trains and 174 carriages
• +3 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core, major, minor and strategic.

• BeaconcoreStrategic or Co-development Partner · 22 January 2026Beacon completed acquisition of Eversholt Rail following Competition & Markets Authority clearance. The combined entity operates under the Beacon brand as one of the leading rolling stock leasing platforms serving passenger and freight operators in the UK and European markets.
• LNERcoreStrategic or Co-development Partner · 9 July 2025Long-standing partnership with LNER including Class 91 locomotive special livery for National Railway Museum 50th anniversary, fleet lease extension for IC225 trains, and ongoing fleet management at Neville Hill depot.
• FirstGroupcoreStrategic or Co-development Partner · 3 June 2025Eversholt Rail signed contracts with FirstGroup plc to lease five Class 222 trains for their new London to Stirling open access service operating under the Lumo brand, expected to commence mid-2026. Alstom will carry out maintenance and upgrades including reformatting to 6 cars, exterior repaint, interior upgrades, CCTV, and Intelligent Engine Start Stop system.
• Siemens MobilitymajorStrategic or Co-development Partner · 8 May 2025TransPennine Express in partnership with Eversholt Rail and Siemens Mobility preparing Class 185 fleet with European Train Control System (ETCS), next-generation digital signalling technology to improve safety, reliability, and customer experience.
• AlstomcoreStrategic or Co-development Partner · 11 October 2024Multiple partnerships including Class 222 train maintenance and upgrades for FirstGroup, Class 334 maintenance contract (£12m), hydrogen train fleet development (Breeze programme), Class 376 Electrostar fleet refresh for Southeastern, and Central Rivers and Widnes sites for Class 222 modifications.
• Primary EngineerminorGTM or Marketing Partner · 31 August 2023Partnership bringing engineering into classrooms through the Primary Engineer Rail Programme, inspiring next generation of engineers. Includes celebration events in Huddersfield and school visits to Bluebell Railway's Railway 200 event.
• SoutheasterncoreStrategic or Co-development Partner · 13 October 2022Partnership with Southeastern for £27 million Class 395 Javelin highspeed fleet upgrade including interior refresh with new carpets, seats, LED lighting, USB charge points, new passenger information system, CCTV installation, and fresh exterior livery across all 29 trains.
• Varamis RailmajorChannel Partner/ Reseller/ Distributor · 18 November 2021Lease agreement for Class 321 Swift Express Freight train to deliver light goods at high speed across the UK. Varamis runs services 5 nights a week from Birmingham to Scotland for a major parcel carrier.
• Transport Design InternationalmajorStrategic or Co-development Partner · 10 November 2021Partnership for Revolution Very Light Rail (RVLR) vehicle development - an innovative demonstrator for branch lines and reopening of disused railway lines. Vehicle launched at Ironbridge and won RIA RISE Awards 2023 Innovation category and Made in Midlands Award 2022.
• H2 GreenstrategicStrategic or Co-development Partner · 6 July 2021Partnership to develop hydrogen supply solutions for UK railway, determining production and refuelling infrastructure required for wide-scale deployment of hydrogen-powered rolling stock fleets, focusing on low-cost green hydrogen produced by electrolysis using renewable energy.
• Hitachi RailcoreStrategic or Co-development Partner · 22 July 2020Partnership for Class 395 Javelin highspeed fleet upgrade, battery hybrid train development for GWR Class 802, and Intercity Express Programme trains for Great Western Railway.
• SiemenscoreStrategic or Co-development Partner · 31 July 2017TransPennine Express Class 185 fleet refurbishment (£32m) including new seats, plug and USB sockets at every pair of seats, bigger tables, refitted toilets, LED lighting, and Wi-Fi. Siemens manufactured trains maintained at York facility.
• Back UpminorGTM or Marketing Partner · 12 May 2017Charity partnership with Back Up (spinal cord injury charity) including annual Christmas Appeal with matching donations, quiz nights, dragon boat racing, half marathons, and work experience mentorship for wheelchair users.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Akiem: European rolling stock leasing company providing locomotives and passenger trains to operators across France, Germany, the UK and beyond; operates a similar asset-heavy lease and maintenance model to Eversholt and is a natural competitor for cross-border fleet deployment.
• Alpha Trains: Major continental European rolling stock lessor operating a multi-country fleet of passenger trains and locomotives, directly comparable to Eversholt in business model (long-term leases to passenger operators) and increasingly relevant as Beacon builds a pan-European platform.
• Angel Trains: One of the three original UK Rolling Stock Companies (ROSCOs), Angel Trains owns and leases passenger rolling stock to UK TOCs under long-term contracts, directly competing with Eversholt Rail for franchise fleet requirements and aftermarket services.
• Porterbrook: Privately owned UK ROSCO leasing passenger and freight rolling stock to UK operators, with a comparable portfolio size, depot footprint and franchise-aligned lease book, making it the closest direct competitor to Eversholt Rail.
• Beacon Rail: Pan-European rolling stock leasing platform that acquired Eversholt Rail in January 2026; pre-deal it was already a direct competitor owning and leasing trains to UK and continental European passenger and freight operators, and the combined entity now spans the historical Eversholt and Beacon portfolios.

Emerging players

• Mitsui Rail Capital Europe (MRCE): European locomotive and rolling stock leasing business owned by Mitsui & Co, focused primarily on traction but overlapping with Eversholt's fleet management and freight-leasing activities, particularly around Varamis-style express freight services.

Broad incumbents

• GATX Corporation: Global railcar lessor with a large North American and European portfolio across freight wagons, tank cars and locomotives; broader and more freight-weighted than Eversholt but directly comparable as a capital-intensive rolling stock leasing platform with global investor visibility.

Others

• Varamis Rail: UK express freight operator running night parcel services on Eversholt-leased Class 321 Swift Express Freight trains; not a direct competitor but a critical channel partner that demonstrates Eversholt's ability to redeploy passenger assets into adjacent freight use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Eversholt Rail Group