The Virgin Group, founded by billionaire Richard Branson, has announced plans to launch a new high-speed rail service connecting London with Paris, Brussels and even Amsterdam. If all goes to plan, the new train route competing with Eurostar could launch by 2029.
The company confirmed plans to the Financial Times, stating that it wants to offer a direct train service that would travel between London, Paris and Brussels, with the option to extend to the Dutch capital too. First, Virgin wants to raise the equivalent of over 800 million euros - around 350 million in equity and close to 500 million in debt - making the company a “cornerstone investor”.
Running the new international train route would give travellers more options as it would be the first direct competitor to Eurostar’s 30-year monopoly of cross-Channel rail services. “The cross-Channel route is ripe for change and would benefit from competition,” said a Virgin Group spokesperson.
“While Virgin is not committing to launching a service just yet, we are seeking investment from like-minded partners to invest alongside Virgin, and we are delighted with the progress made so far.” If the company manages to secure funds, the train service could launch as early as 2029.
While Virgin has its eye on a new international route, the company is already facing delays. The London depot that cross-Channel rail operators need access to for train storage and maintenance is at full capacity and unable to accommodate new operators, according to Eurostar. Virgin and Spanish rail operator Evolyn have called for the UK rail regulator to investigate whether this is the case.
With the high prices of Eurostar pushing travellers to opt for flying, other operators are looking to provide alternatives for passengers. St. Pancras station itself has committed to expanding rail routes between London, France, Germany and Switzerland, while NS recently launched a new high-speed train from Amsterdam to Brussels. Even though the Dutch rail company is among the five-worst rail operators in Europe, Eurostar was rated as the worst.
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