Angel Trains

Angel Trains is a British rolling stock operating company (ROSCO) created in 1994 as part of the privatisation of British Rail. It was one of three ROSCOs (the others being Porterbrook and Eversholt Rail Group (formerly HSBC Rail)). When created, each ROSCO owned around a third of the rolling stock of the former British Rail.

History
Angel Trains was created in 1994 as part of the privatisation of British rail, it was briefly owned by the Japanese investment bank, Nomura Holdings (with other shareholders) until 1997 when it was bought for ~£395 million and became a wholly owned subsidiary of the Royal Bank of Scotland Group.

The company expanded its leasing business, especially in Europe. A joint venture with Vossloh formed another leasing company Locomotion Capital Ltd. in 2000. Additionally, through investment in its international branches Angel Trains Cargo (leasing freight rolling stock) and Angel Trains Europa (leasing passenger rolling stock) it became one of the largest rolling stock leasing companies in Europe - specifically in terms of freight locomotives.

In 2008, due to the ongoing financial crisis of 2007–2010 the Royal Bank of Scotland group sold Angel Trains for £3.6 billion as part of a £10 billion assets sale to raise cash. On 13 June 2008 the Royal Bank of Scotland announced that a consortium led by Babcock & Brown had acquired the business. Following a management buyout of Babcock & Brown in 2009, the lead investor in the consortium was renamed Arcus Infrastructure Partners. As part of the takeover Angel Trains Group was split and Angel Trains International and Angel Trains Limited became two separately owned companies. On 1 January 2010, Angel Trains International was renamed Alpha Trains.

Angel Trains Limited whose leasing activities now take place in the UK only, continues to be owned by a consortium of infrastructure and pension investors.