Rock Rail South Western

Rock Rail provided financing to the winning train operating company, South Western Railway, a joint venture between FirstGroup and MTR. First MTR was selected by the DfT in April 2017 enabling Rock and First MTR to jointly select the preferred manufacturer; Bombardier.

Building on its precedent transaction structure, Rock was able to broaden and deepen the funding available, and complete the £1bn transaction within 3 months of the announcement of franchise award. The equity was provided by Rock Rail, SL Capital and GLIL Infrastructure, while the debt was provided by an expanded group of institutional investors.

New Vehicles


The new trains will be manufactured in Derby by Bombardier Transportation, endorsing the skilled UK workforce by ensuring a long-term workload for the Bombardier staff in Derby, and benefiting the UK economy.

The new trains will enhance the travelling experience for customers by providing:

  • Free reliable Wi-Fi
  • At-seat charging points
  • Real time information screens
  • Air conditioning
  • Wide gangways and wide doors to improve ease of boarding and alighting
“Rock displays collaboration and respect in its dealings, we saw this to good effect on the South Western transaction”
Des McKeon
Commercial Director UK
Bombardier Transportation
“Rock’s innovative and positive, fresh approach to the rail market is providing value to many elements of the value chain”
Des McKeon
Commercial Director UK
Bombardier Transportation
“Rock have done a brilliant job of building strong, effective and long-lasting partnerships to deliver successful outcomes. Successful partnerships have been achieved across the piste with co-investors, with funders, with TOCs, with train manufactures, with Network Rail and DfT.”
Darryl Murphy
Head of Infrastructure Debt
Aviva Investors
“Rock have a strong winning mentality and are great to work with because they are passionate, decisive and extremely professional”
Neale Marvin
Managing Director
DC Advisory
Game Changers Awards 2017
Game Changers Awards 2017
RRSW Partnership Awards Financial Structure Transport Gold 2018
RRSW Partnership Awards Best Transport Silver 2018
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