Macquarie European Rail
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Macquarie European Rail (formerly ''Lloyds TSB General Leasing'') is a
rolling stock company A rolling stock company (ROSCO) or rolling stock leasing company owns and maintains railway engines and carriages which are leased to train operating companies who operate the trains. Rolling stock companies have been criticised as rentier capit ...
(ROSCO). It is presently owned by the French railway leasing entity Akiem. Founded as Lloyds TSB General Leasing as a subsidiary of
Lloyds Banking Group Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds B ...
in January 2009, early financing arrangements involved the Class 379
electric multiple units An electric multiple unit or EMU is a multiple-unit train consisting of self-propelled carriages using electricity as the motive power. An EMU requires no separate locomotive, as electric traction motors are incorporated within one or a number ...
(EMUs) and Class 70 heavy freight locomotives. The venture also expanded into the continent European rail leasing market. In November 2012, Lloyds opted to sell its rail leasing arm to the financial services specialist
Macquarie Group Macquarie Group Limited (), more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX (). Macquarie's investment banking division is Au ...
. During February 2020, it was announced that Macquarie European Rail was to be sold to another leading organisation, Akiem, the deal was completed two months later.


History

Macquarie European Rail was originally created as ''Lloyds TSB General Leasing'' in January 2009 by the
Lloyds Banking Group Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds B ...
to operate in Britain's rolling stock leasing market. Prior to deciding to form its own subsidiary focused on the sector, Lloyds had effectively involved itself already through its participation in the
consortium A consortium () is an association of two or more individuals, companies, organizations, or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a ...
that acquired the
rolling stock company A rolling stock company (ROSCO) or rolling stock leasing company owns and maintains railway engines and carriages which are leased to train operating companies who operate the trains. Rolling stock companies have been criticised as rentier capit ...
(ROSCO)
Porterbrook Porterbrook is a British rolling stock company (ROSCO), created as part of the privatisation of British Rail. Together with Angel Trains and Eversholt Rail Group, it is one of the three original ROSCOs. Porterbrook was established in March 1 ...
during October 2008. During May 2009, the company's first major train order was announced, involving the purchase of 30 four-car Class 379 electric multiple units (EMUs) which would go on to be operated by
National Express East Anglia National Express East Anglia (NXEA) was a train operating company in England owned by National Express that operated the Greater Anglia franchise from April 2004 until February 2012. Originally trading as One, it was rebranded National Expres ...
on both its
Stansted Express The Stansted Express is a direct train service linking London Liverpool Street to London Stansted Airport. It is a sub-brand of Greater Anglia, the current franchise operator of the East Anglia franchise. History In 1986, British Rail (BR) ...
and West Anglia routes. Another early venture undertaken by Lloyds TSB was the financing of 20 American-built Class 70 heavy freight locomotives which it leased to Freightliner. In November 2012, Lloyds Banking Group completed the sale of its rail leasing subsidiary to the multinational financial services entity
Macquarie Group Macquarie Group Limited (), more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX (). Macquarie's investment banking division is Au ...
; it was promptly rebranded as ''Macquarie European Rail'' thereafter. At the time of the sale, the company's activities had expanded to not only cover leases of freight and passenger rolling stock within the United Kingdom, but also a continental European portfolio of locomotives, passenger trains and wagons as well. In December 2016, an article in the
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...
gave warning of signs of overheating within the highly competitive ROSCO sector, pointing to Macquarie's relatively youthful Class 379 EMUs as an example of rolling stock that may have trouble finding future work on Britain's railways as yet newer types are rapidly introduced. Citing the high leasing costs associated with the fleet,
Greater Anglia Greater Anglia (legal name Transport UK East Anglia Limited) is a British train operating company owned as a joint venture by Transport UK Group and Mitsui & Co. It operates the East Anglia franchise, providing the commuter and inter-city se ...
withdrew all of its Class 379 fleet from service in February 2022, after which the units were placed into storage. In January 2019, rail leasing company Ermewa acquired Macquarie European Rail's 600-strong intermodal wagon fleet, comprising a mix of 60, 80 and 90 foot container wagons. During February 2020, the sale of Macquarie European Rail to the French rail leasing specialist Akiem was announced. Finalised two months later, at the time of the transaction, Macquarie European Rail's portfolio included 137 locomotives of various types, including Class 66s, Class 70s,
Bombardier Traxx Alstom Traxx (sold as Bombardier TRAXX before 2021) is a modular product platform of mainline diesel-electric and electric locomotives. It was produced originally by Bombardier Transportation and later Alstom, and was built in both freight and ...
,
Alstom Prima Prima is a family of railway diesel and electric locomotives built by Alstom. Manufacture of the type commenced in the late 1990s. By 2008, Alstom had reportedly sold 1,750 Prima locomotives. The second generation Prima II was launched in 2009. T ...
s and GE Transportation 311Ds, which were reportedly in service with 21 different operators. Furthermore, it also comprised multiple units, such as the 30 Bombardier Class 379 EMUs then on lease to
Greater Anglia Greater Anglia (legal name Transport UK East Anglia Limited) is a British train operating company owned as a joint venture by Transport UK Group and Mitsui & Co. It operates the East Anglia franchise, providing the commuter and inter-city se ...
, 16
Stadler GTW The Stadler GTW (, ) is an articulated railcar for local transport made by Stadler Rail of Switzerland. History The Biel–Täuffelen–Ins-Bahn near Bern, Switzerland was looking for a lighter train model to replace its aging fleet, so tha ...
DMUs in the Netherlands, and 110 assorted wagons.


References


External links


Akiem - Parent company's official website via ''www.akiem.com''
{{Macquarie Group Lloyds Banking Group Railway companies established in 2009 Rolling stock leasing companies 2009 establishments in England