Rock Group appoints PwC infrastructure veteran, Charles Johnson-Ferguson, as new Chief Financial Officer

  • Rock Group

Charles Johnson-Ferguson, PwC Corporate Finance Partner and most recently leader of PwC’s UK Transport & Logistics division, will join the Rock Group as the Chief Financial Officer effective from 1st July 2024. He will work closely with the CEO Mark Swindell and the management team to continue the expansion of the business.

Johnson-Ferguson is a chartered accountant and brings to Rock 23 years’ experience of advising on infrastructure transactions. He has worked on projects for government, regulators and investors in the UK, Europe and Australia covering transport, energy transition, telecoms and social infrastructure.

Johnson-Ferguson succeeds Jo Shepherd who will be retiring from the business after 6 years to pursue other interests but will remain in a supporting role on a consultancy basis.

The Rock Group is an independent developer, owner and asset manager of rolling stock, rail infrastructure and zero emission buses. Rock provides innovative, value enhancing funding approaches for strategically important rail, infrastructure and bus assets in the UK, Germany, France and other mainland European markets. Rock works collaboratively with institutional debt and equity investors, national and local governments, train and bus operators, OEM suppliers with the emphasis on improving passenger journeys.

Swindell founded Rock in 2011 and has subsequently built the business into a leading infrastructure developer which since 2016 has raised over £3.5bn in institutional capital for transport projects in the UK and Germany.

“Rock is a tremendous opportunity to join a team that’s innovative, entrepreneurial and is passionate about aligning the needs of private capital and strategic infrastructure” said Johnson-Ferguson. “Mark and his team have built Rock into a highly regarded partner for government and investors. We will continue to focus on how we can bring more private capital into delivering long term investible projects for our stakeholders.”

Swindell said “I have personally known Charles for 15 years since we were both involved on opposite sides on the Department for Transport and Hitachi Intercity Express Programme. We have admired Charles’ expertise, knowledge and collaborative personality in his role as a Partner at PwC acting for us on many transactions over the years. We are delighted to be appointing him as our Chief Financial Officer with effect from the 1st July as Rock Rail and Rock Road continue to build our business in the rolling stock sector and the decarbonisation of the bus markets”.

Johnson-Ferguson retires from the PwC Partnership on 30th June.

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Driving Net Zero: How Rock Road 
Is Funding the UK’s Bus Transition

Accelerating the shift to clean, affordable, zero-emission transport

Year
2025
Category
Rock Road
Share

The Challenge

The UK bus network is at the heart of everyday travel – but over 30,000 diesel buses still need replacing to achieve a fully zero-emission fleet.

While around 5,000 battery-electric buses are already on the road, the high upfront cost of electric vehicles and depot electrification continues to slow the transition. Traditional funding routes — such as government grants or short-term bank finance – have helped start the journey but cannot support decarbonisation at the scale required.

A new, sustainable funding model was needed: one that could attract long-term capital, spread costs fairly, and give operators and authorities confidence in the future.

The Solution

In 2021, Rock launched Rock Road to deliver exactly that –  applying its proven infrastructure financing approach from the rail sector to the UK’s clean bus revolution.

Working with Aviva, the National Wealth Fund, and HSBC, Rock created a dedicated investment platform that channels infrastructure-style finance from pension funds and institutional investors directly into zero-emission bus projects.

This model provides:
  • Access to billions in long-term private capital for fleets and depot electrification.
  • Low-cost, sustainable finance tailored to public-sector needs.
  • Comprehensive risk transfer, including residual value and battery performance, supported by Rock’s in-house team of engineers and asset managers.

Impact

The platform has already raised £100 million, with capacity to scale to £1 billion per year over the next decade – providing a consistent source of affordable capital for local authorities and operators.

Rock’s model ensures that the total cost of ownership (TCO) of electric buses can now be lower than diesel equivalents, thanks to both cheaper long-term finance and reduced operating costs.

In London, Rock has financed 120 zero-emission buses under 7-year leases aligned with Transport for London’s contract lengths. This structure gives operators flexibility and certainty:

  • Buses can be returned, renewed, or upgraded at the end of term.
  • Lease rates are predictable and capped.
  • Ownership and residual risks sit with Rock, not the operator.

The Future

Rock Road’s ambition is to support the rollout of zero-emission fleets across the UK – helping local authorities and operators meet climate goals without overextending public budgets.

By leveraging limited government funding to attract large-scale private capital – for example, £10 million of public investment unlocking over £250 million in total funding – Rock’s model accelerates decarbonisation while keeping costs low for the public sector.

Our ambition is to make electric buses the default choice - not because of subsidy, but because they are the best economic and environmental option.
Louis Swindell
Commercial Director, Rock Road