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Does the floatation have any relevance though? Others pointed to poor PR from the Juniper fleets but they still won Pendo. Not sure what stock exchange has to do with it.

Pendolino must have been won around then though, built between 1999 and early 2000's? And they are a good, reliable train. They also did the Nottingham tram new trams.

BT are tiny on signalling in the UK, the biggest players are by far Alstom and Siemens. That was the main objection to the Siemens merger because it would have given them almost a monopoly. For HS2 BT are in a joint bid with Hitachi so I don't think it was a standard product but a bespoke mix...

Can't see consolidation at Derby, it's an old Victorian shed. It's not suited to modern manufacture. It will likely see out the current builds for Aventra and any other fleets they can sell of the product and then either close because the glut of new stock will end, or maybe play a part in HS2...