Colour image of Rail Depot

Major Projects

Large-scale projects conducted for the public and private sectors.


Image of passenger train

Rail Franchises

Strategic financial and procurement advice.



Image of Virgin high-speed train

ROSCOS and other Rail experience

Rosco valuation and other rail related advice.


Major Projects

Advisor to HS2 Limited: jointly with PricewaterhouseCoopers, on the procurement and financing of the rolling stock and depot requirements of the HS2 project, estimated to include a rolling stock value of c.£3bn

Advisor to Crossrail Limited, jointly with PricewaterhouseCoopers, on the procurement and financing of the rolling stock and depot for the £15.9bn Crossrail project, completed in 2014;

Advisor to Siemens Mobility on their successful bid for rolling stock and depot supply, financing and maintenance for the Thameslink Rolling Stock Programme, including the procurement of £1.6bn of funding from Cross London Trains and c. £300m of depot funding, completed in 2013;

Advised Transport Scotland on its fleet replacement strategy both in terms of a strategic medium term overview as well as the £180 million procurement and financing of a new fleet of Siemens manufactured Desiro Class 380 units;

In 2006 advised TfL on the rolling stock procurement process for its London Overground Class 378 fleet, subsequently advised on the £250m refinancing of the fleet introducing a new sources of rolling stock finance; Then in 2015/2016 advised TfL on the £270m procurement and financing of the second London Overground fleet, the LOTRAIN project, jointly with Grant Thornton.

For the London Rail concession itself, provided strategic commercial and financial advice to TfL in relation to the design and procurement of that concession and the associated procurement process.