Virgin Group Plans to Raise £700 Million to Compete with Eurostar in the Rail Market
Virgin Group, owned by British billionaire Richard Branson, plans to raise £700 million (approximately $900 million) to fund its attempt to launch high-speed rail services to compete with Eurostar. The company announced it intends to raise £300 million through equity and £400 million through debt, with plans to be a key investor in the project.
Previously, Virgin operated intercity train services in the UK and now plans to launch routes connecting London to Paris and Brussels, with future expansion to Amsterdam.
The company stated that its planned services would be high-frequency and would be the first direct competitor to the 30-year-old Eurostar network, with a potential launch as early as 2029.
In response, Eurostar welcomed the development of rail services in Europe, adding that “competition in the high-speed rail sector is yet another example of the growing demand for rail transport in Europe.”
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