The chief executives of the three primary firms leasing trains to the UK rail network earned a combined £3.5m in the last year, a period during which these companies distributed nearly £400m to shareholders. These figures surfaced in recent company accounts, coinciding with government announcements regarding a new national rolling stock strategy.
Amid discussions on potentially bringing train ownership under the public body Great British Railways, unions have criticized the private rolling stock companies (Roscos) for profiting at the expense of passengers. The RMT union reported that the three largest Roscos have funneled £2.4bn to shareholders over the past decade. We look forward to continuing to work constructively with government and Great British Railways.”.
Porterbrook Holdings saw its chief executive, Mary Grant, receive a pay increase of over 10%, bringing her total remuneration to £1.44m, while the company paid out £80m in dividends. In 2025, Eversholt Rail issued £200m in dividends shortly before being sold by CK Hutchison to Beacon Rail; its departing CEO, Mary Kenny, earned £1.33m.
Angel Trains recorded £111m in dividend payments, with its chief executive, Malcolm Brown, receiving £700,000. These compensation packages significantly exceed the salaries of leadership at major rail infrastructure entities like Network Rail and HS2. Including the bosses of Network Rail and HS2, their pay far outstrips the highest salaries elsewhere on the railway.
RMT general secretary Eddie Dempsey described the government’s interest in public rolling stock as a positive step but urged immediate intervention during the current cost-of-living crisis. The union is advocating for a “cost of travel” levy on industry profits to help fund a 3.4% reduction in rail fares. “We are calling on the government to use this month’s budget to introduce a ‘cost of travel’ levy on profits to fund a 3.4% fare cut, rather than watching the cash being salted away.”.
Transport secretary Heidi Alexander recently addressed the Labour conference, stating that if direct ownership by Great British Railways provides better value for taxpayers and passengers, that path should be taken. Rail regulator data indicates that operators spent more than £4bn last year on leasing trains from Roscos, with the firms maintaining a net profit margin of 18.5%.
Defending its position, a Porterbrook spokesperson noted that the company has deployed over £1bn in capital for new trains and infrastructure since 2020 and plans to invest an additional £1bn in the future. The firm noted it is UK tax resident and has contributed £82m in taxes over the last three years, asserting that shareholder funding is essential for ongoing investment.
Angel Trains, which is incorporated in Jersey but remains within the scope of UK tax obligations, emphasized that future fleet decisions should balance passenger outcomes with the need to attract ongoing private investment. Eversholt Rail and Beacon Rail have not yet provided comment on the matter.
