PRESS RELEASE
13 March 2007
New funding package secured
Grand Central has taken a major step towards the launch of its high speed passenger train services between London Kings Cross and Sunderland later this year. A new funding package has been secured to ensure the Companys future development.
The Board of Grand Central has been strengthened by the new investment team, with the addition of Giles Fearnley as Chairman, Bob Howells as Vice-Chairman and the appointment of two new directors, Philip Moody and Phil Gartside.
All existing Grand Central employees, including Managing Director Ian Yeowart and Operations Director Sean English, will remain with the Company.
Grand Central has already recruited the key personnel required for the launch of its services later this year, with 11 drivers currently undergoing an intensive training programme led by Robin Hicks, Driver Standards Manager, and the remaining on-train staff joining the company later this month.
Ian Yeowart, Managing Director of Grand Central states:
We are delighted to have secured our continued independence and the management expertise and financial resources that Giles, Bob and their team bring to us. This agreement ensures Grand Central now has the necessary resources to deliver its long term vision.
The new team has a formidable track record in successfully developing rail businesses and we very much look forward to working with them. I would also like to thank Fraser Eagle for the invaluable support it has given to Grand Central over the past two years.
Giles Fearnley, Chairman of Grand Central, adds:
Ian has shown remarkable tenacity in developing the Grand Central project and in overcoming the many obstacles and challenges he has faced in securing a Track Access Contract. We see great potential for developing Grand Central into a major UK train operating company.
In June 2006, Fraser Eagle announced that it had received a number of approaches from parties interested in acquiring Grand Central, and was evaluating a potential sale.
Kevin Dean, Managing Director of Fraser Eagle comments:
A great deal of effort and resource has been invested in developing Grand Central to a stage where it is ready to begin services, and we are extremely proud of what has been achieved.
Grand Central will begin operating three daily services between Sunderland and London later this year, and is seeking to run a fourth service - and has already made a timetable request to Network Rail.
In addition Grand Central has long standing plans to operate direct trains between London and Bradford via Halifax. Detailed negotiations are currently taking place with Network Rail on timetabling issues.
Ian Yeowart, Managing Director of Grand Central states:
Network Rail has worked extremely hard to provide Leeds with its regular half hourly service, and we are pleased those services are to commence in May. It is now time to concentrate on improvements to the areas we seek to serve and we have no doubt that the current East Coast Route Utilisation Study, allied to the professional work being undertaken by train planners, will reveal the capacity needed to make these services become a reality in the very near future.
13 March 2007
New funding package secured
Grand Central has taken a major step towards the launch of its high speed passenger train services between London Kings Cross and Sunderland later this year. A new funding package has been secured to ensure the Companys future development.
The Board of Grand Central has been strengthened by the new investment team, with the addition of Giles Fearnley as Chairman, Bob Howells as Vice-Chairman and the appointment of two new directors, Philip Moody and Phil Gartside.
All existing Grand Central employees, including Managing Director Ian Yeowart and Operations Director Sean English, will remain with the Company.
Grand Central has already recruited the key personnel required for the launch of its services later this year, with 11 drivers currently undergoing an intensive training programme led by Robin Hicks, Driver Standards Manager, and the remaining on-train staff joining the company later this month.
Ian Yeowart, Managing Director of Grand Central states:
We are delighted to have secured our continued independence and the management expertise and financial resources that Giles, Bob and their team bring to us. This agreement ensures Grand Central now has the necessary resources to deliver its long term vision.
The new team has a formidable track record in successfully developing rail businesses and we very much look forward to working with them. I would also like to thank Fraser Eagle for the invaluable support it has given to Grand Central over the past two years.
Giles Fearnley, Chairman of Grand Central, adds:
Ian has shown remarkable tenacity in developing the Grand Central project and in overcoming the many obstacles and challenges he has faced in securing a Track Access Contract. We see great potential for developing Grand Central into a major UK train operating company.
In June 2006, Fraser Eagle announced that it had received a number of approaches from parties interested in acquiring Grand Central, and was evaluating a potential sale.
Kevin Dean, Managing Director of Fraser Eagle comments:
A great deal of effort and resource has been invested in developing Grand Central to a stage where it is ready to begin services, and we are extremely proud of what has been achieved.
Grand Central will begin operating three daily services between Sunderland and London later this year, and is seeking to run a fourth service - and has already made a timetable request to Network Rail.
In addition Grand Central has long standing plans to operate direct trains between London and Bradford via Halifax. Detailed negotiations are currently taking place with Network Rail on timetabling issues.
Ian Yeowart, Managing Director of Grand Central states:
Network Rail has worked extremely hard to provide Leeds with its regular half hourly service, and we are pleased those services are to commence in May. It is now time to concentrate on improvements to the areas we seek to serve and we have no doubt that the current East Coast Route Utilisation Study, allied to the professional work being undertaken by train planners, will reveal the capacity needed to make these services become a reality in the very near future.