Key facts
- Three UK train leasing firms' CEOs earned a total of £3.5 million last year.
- The firms paid out nearly £400 million in dividends to shareholders.
- Porterbrook's CEO, Mary Grant, had her pay increased by over 10% to £1.44 million.
- Eversholt Rail's departing CEO, Mary Kenny, was paid £1.33 million.
- Angel Trains' chief, Malcolm Brown, received £700,000.
- The three largest rolling stock companies have paid out £2.4 billion in dividends over the last decade.
The chief executives of three major UK train leasing companies earned a combined £3.5 million last year, while their firms distributed nearly £400 million in dividends to shareholders. Rail unions have criticized these profits, arguing they come at the expense of passengers.
Porterbrook Holdings paid £80 million in dividends and increased its chief executive Mary Grant's pay by over 10% to £1.44 million. Eversholt Rail, shortly before being sold by CK Hutchison to Beacon Rail, paid out £200 million in dividends, with its departing CEO Mary Kenny receiving £1.33 million. Angel Trains paid £111 million in dividends and its chief, Malcolm Brown, received £700,000.
These salaries significantly exceed those of leaders at Network Rail and HS2. The RMT union has called for a levy on rolling stock companies (Roscos) to fund fare reductions, citing the substantial dividend payments. The three largest Roscos have reportedly paid out £2.4 billion in dividends over the past decade.
Heidi Alexander indicated at the Labour conference that if Great British Railways owning trains would better serve taxpayers and passengers, it should be pursued. According to the rail regulator, operators spent over £4 billion last year leasing trains from Roscos, which reported a net profit margin of 18.5%.
A spokesperson for Porterbrook stated the company has deployed over £1 billion in capital for new trains and upgrades since 2020, with plans for further investment. They also noted the companies are UK tax resident and have paid £82 million in taxes over the past three years, attributing their investment capacity to shareholder funding.
Angel Trains, incorporated in Jersey, stated that decisions on future fleets should prioritize passenger outcomes while attracting investment. Eversholt and its new owner, Beacon Rail, were approached for comment.