(1296,3821,1,'Porterbrook, South Western Railway And Eminox Partner To Clean Up Britain’s Railway','2019-11-05 15:10:25','2019-11-05 15:10:25','10d429b7-27be-4c59-91e2-d3cc7903b800',NULL,'<p>Porterbrook, is working with South Western Railway and Eminox Limited (‘Eminox’) to trial ground-breaking, emissions-reducing, technology which could be rolled out to hundreds of diesel trains across the UK’s rail network.</p>\n<p>The partnership between Porterbrook, the rolling stock asset management company and Eminox, the exhaust manufacturer, aims to reduce diesel emissions by fitting a catalyst that could reduce NOx (nitrous oxide) emissions by over 80% and CO (carbon monoxide) and hydrocarbons by over 90% from current levels.</p>\n<p>Porterbrook’s investment in Eminox’s technology is being supported by the Department for Transport through InnovateUK’s first-of-a-kind funding (‘FoaK2’).</p>\n<p>The Foak2 funding will allow trial fitment of Eminox SCRT® technology to a South Western Railway (‘SWR’) Class 159 diesel multiple unit. Once the trial is completed this innovation is likely to be deployed on a number of existing fleets serving communities across Britain’s railway.</p>\n<p>State-of-the-art telemetry will be fitted to the trial Class 159 to provide real-time diagnostics and performance data from the system. Rail-specific challenges, such as high exhaust temperature duty cycles, will be overcome as part of the project, utilising advanced catalyst technology in this first on-rail application. Mary Grant, CEO of Porterbrook, said: “As a rolling stock asset management business, Porterbrook takes seriously its responsibility to develop innovative ways of reducing emissions. We are particularly pleased to be able to do this by drawing on proven technologies from other sectors.</p>\n<p>“Porterbrook believes by partnering with automotive after-treatment specialists, Eminox, we can accelerate the delivery of cleaner and more environmentally friendly trains to Britain’s railways.”</p>\n<p>Neil Drury, Engineering Director for South Western Railway, said: “SWR is very pleased to be involved in this project. Environmental sustainability is a key element of our Sustainable Development Strategy which is embedded across every part of the business. Energy and resources are a key theme in this strategy alongside use of innovative technology, all designed to ensure we are an employer of choice actively supporting the communities we serve.</p>\n<p>“SWR has committed to a 56% reduction in traction carbon emissions by 2023/24 and it is hoped that this type of technology could help make a major contribution to achieving that target.”</p>\n<p>Carlos Vicente, Retrofit Sales Director for Eminox, said: “We have taken our 20 years’ experience of on-road retrofit technology into the rail market so operators can utilise the best available technology to mitigate for the growing number of Clean Air Zones, across the UK.</p>\n<p>“Eminox retrofit technology will help reduce diesel particulate matter from the rail network and deliver environmental benefits to the communities the railway serves. This is part of the government’s drive to a cleaner, greener economy by cutting emissions and removing diesel-only trains from the network by 2040.” Porterbrook’s winning submission is part of the Department for Transport’s Accelerating Innovation in Rail scheme.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1297,3822,1,'Porterbrook Leads Postal Train Resurgence With Rail Operations Group Tie Up','2019-11-05 15:10:25','2019-11-05 15:10:26','def02307-5c75-4629-b66e-4f717d2fef81',NULL,'<p>Porterbrook is supplying the Rail Operations Group (ROG) with bi-mode FLEX trains to support the company’s expansion into the rail postal industry. Increasing congestion on the road network, a shortage of HGV drivers and the rapid growth in on-line shopping has led many shipping firms to explore rail as a key part of their logistics chain. A lack of suitable trains has thus far delayed the move.</p>\n<p>Working with ROG, Porterbrook will renovate two of its innovative FLEX trains for light logistics traffic. The FLEX trains are capable of operating on both electrified and non-electrified routes will help meet shippers needs for rapid movement of goods and just-in-time delivery.</p>\n<p>The operational flexibility of the bi-mode FLEX train complements the flexibility of ROG’s offering to light logistics shippers. The trains can be made available to single users (one customer secures all space within the train) or to multi-users depending on the shippers’ day-to-day requirements or need to meet deadlines. Mary Grant, CEO of Porterbrook said: \"We are excited be breaking new ground with ROG as we both move into light parcel logistics for the first time. The UK’s light logistics sector is experiencing huge changes and we’re delighted that we can support the sustainable solution on the rail network. Porterbrook is particularly pleased that ROG have recognised the potential for non-passenger use of our innovative FLEX trains and over coming months we will be exploring further opportunities to support the successful UK railfreight sector.\"</p>\n<p>Karl Watts, CEO of Rail Operations Group, said: \"The time is right for a modal shift from road to rail for logistics and express parcels services. ROG are leading the industry in delivering this shift and the FLEX trains are the perfect rail-borne solution to make this happen. There is huge opportunity to re-establish a comprehensive network of express parcels trains and help reduce the number of commercial vehicles on UK roads which will, in turn, help to drive improvements in the UK economy.”</p>\n<p>Maggie Simpson, Director General of the Rail Freight Group (RFG), said: \"RFG welcomes ROG’s move into the express parcels market, this is traffic that is highly suited to the rail network. I am also very pleased to see Porterbrook’s renewed appetite for railfreight investment. The creation of dedicated FLEX trains for light logistics work is a significant vote of confidence in our sector.\" The new FLEX parcels trains will be delivered to ROG in early 2020.</p>\n<ul><li>ENDS -</li>\n</ul><p>NOTES TO EDITORS Media Contacts Porterbrook Leasing Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923 Financial or corporate PR enquiries can also be directed to: Maitland James Isola, Partner jisola@maitland.co.uk James McFarlane, Partner jmcfarlane@maitland.co.uk or +44 (0)20 7379 5151 About Porterbrook</p>\n<ul><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 5,000 vehicles on lease or on order, which includes c.4,500 passenger vehicles. Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li>\n <li>Porterbrook has successfully introduced over 2,300 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li>\n <li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of Utilities Trust of Australia (“UTA”), The Infrastructure Fund (“TIF”) and Royal Bank of Scotland Group Pension Fund (“RBS”).</li>\n</ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1298,3823,1,'Porterbrook Wins Prominent Rail Leasing Award For 2018 Refinancing','2019-11-05 15:10:26','2019-11-05 15:10:27','ff6391a4-576f-4eca-8bdf-cdd53f45054c',NULL,'<p><strong>£885m bank refinancing recognised by Global Transport Finance</strong></p>\n<p>Porterbrook, the rolling stock asset management company, is delighted to announce that the successful £885m refinancing of its bank facilities has won the prestigious 2018 Rail Lessor Refinancing Deal of the Year from Global Transport Finance. The £885m transaction was closed in June 2018 and included both drawn and undrawn senior debt and associated hedging. The refinancing was supported by a group of leading UK and International banks at significantly improved margins. Rothschild acted as financial adviser and Milbank, Tweed, Hadley &amp; McCloy LLP as borrower counsel. Ashurst LLP acted as lender counsel.</p>\n<p>Stefan Rose, Head of Structured Finance at Porterbrook, said:</p>\n<p>“The successful refinancing of Porterbrook’s bank facilities in 2018 underlines the company’s attractiveness to debt investors and we are delighted that this has been recognised by the industry with this leading award in the transport leasing sector. Porterbrook is committed to remaining at the forefront of developments in the financing market and delivering attractive and innovative solutions. 2018 was a landmark year for Porterbrook raising over £1 billion in debt facilities across the successful refinancing of our bank facilities and our 2019 public bond maturity in the USPP market. With the strong support of our banking group and the institutional investor market we are well placed to continue investing in new rolling stock and upgrading our existing portfolio supported by our market leading asset-management offering.”</p>\n<p><strong>ENDS</strong></p>\n<p><strong>NOTES TO EDITORS</strong></p>\n<p>Media Contacts</p>\n<p>Porterbrook Leasing Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923</p>\n<p>Financial or corporate PR enquiries can also be directed to: Maitland James Isola, Partner jisola@maitland.co.uk James McFarlane, Partner jmcfarlane@maitland.co.uk or +44 (0)20 7379 5151</p>\n<p><strong>About Porterbrook</strong></p>\n<ul><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 5,000 vehicles on lease or on order, which includes c.4,500 passenger vehicles.</li><li>Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li><li>Porterbrook has successfully introduced over 2,300 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li><li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of Utilities Trust of Australia (“UTA”), The Infrastructure Fund (“TIF”) and Royal Bank of Scotland Group Pension Fund (“RBS”).</li></ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1299,3824,1,'Porterbrook Makes New Digital Trains A Reality For Heathrow Express','2019-11-05 15:10:27','2019-11-05 15:10:28','198c961c-242e-4725-9201-58c4876df45e',NULL,'<p>Porterbrook has signed a contract with Bombardier Transportation to fit digital signalling equipment and complete specialist on-board conversions to Class 387 trains set to serve the Heathrow Express rail link.</p>\n<p>The 12 specially converted trains will form a dedicated Heathrow Express fleet as part of a management contract announced in March 2018 which sees Great Western Railway deliver some of the operational aspects of the airport service.</p>\n<p>Porterbrook’s £11m investment in the class 387 ‘Electrostar’ trains sees proven Digital Railway in-cab ‘ETCS’ signalling installed as well as on-board conversions including improved seating, additional luggage space, at seat power, on-board TV and fast WiFi.</p>\n<p>Engineering and design work will take place at Bombardier’s Derby Litchurch Lane works, with fitment taking place at the company’s Ilford depot. The work will be completed by December 2019, meeting the Secretary of State’s commitment to replace existing rolling stock on the route with highly reliable, digitally enabled, Electrostar trains as well as extend the track access agreement to confirm the Heathrow Express service running until at least 2028.</p>\n<p>Fitment of ETCS to the Class 387 trains will be the first time that digital signalling has been installed on an existing fleet of electric passenger trains. Mary Grant, CEO of Porterbrook said: \"I am delighted that Porterbrook and Bombardier can lead the way in the fitment of digital signalling to Heathrow Express Electrostar trains that connect London to the UK’s gateway to the world.”</p>\n<p>\"This first-in-fleet fitment will enable us to accelerate ETCS fitment on other Electrostar fleets, as and when our customers require it.\" Richard Hunter, President Rail Control Solutions at Bombardier Transportation, said: \"As a global signalling solutions provider, we are delighted to be working with Porterbrook, Heathrow Express and Great Western Railway on this project, an exciting next step in the delivery of the Digital Railway.\"</p>\n<p>Les Freer, Director of Heathrow Express said: “The introduction of a fleet of Class 387 trains specially converted for airport passengers is one of the main benefits of our new partnership with Great Western Railway. This helps us build on our 20 year history of excellent customer service as we continue to offer the same fast and frequent non-stop service between Heathrow Airport and London Paddington for years to come.”</p>\n<p>Fitment of digital signalling to the Class 387 trains for use on the Heathrow Express route will result in ‘type approval’ from the Office of Rail and Road, enabling ETCS to be fitted to all Electrostar fleets.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1300,3825,1,'Corporate','2019-11-05 15:10:28','2019-11-05 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Based in Derby with a corporate Head Office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\n<p>The Project Manager (Asset Protection) is accountable for the management of the Porterbrook assets whilst they are on lease to the Train Operating Companies (TOC’s). Through liaison with the engineering functions of our customers the role will monitor asset condition, management of spares, management of enhancement projects being carried out by external suppliers ensuring that they are delivered on time, to budget and with a quality outcome. This will require the management of suppliers, the costing of projects, and the end to end oversight management of the project. 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Based in Derby with a corporate Head Office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\n<p>The Fleet Support Engineer EMU is accountable for the management of Porterbrook EMU Assets when they are on lease to the Train Operating Companies (TOCs). Working with all stakeholders the role will manage asset condition to ensure the safe and reliable operation of Porterbrook assets. The role will also provide support to deliver Porterbrook’s lease obligations for the relevant assets, heavy maintenance, modification programmes. The role will also develop solutions to any issues affecting the asset, provide platform support and develop reliability growth programmes. There will also be the opportunity to be involved in project management in relation to the assets.</p>\n<p>We are looking for a Chartered Engineer, or someone working towards this level, with 5 to 10 years of EMU Rolling Stock experience, along with good asset management skills. The ideal candidate will have good commercial skills, budget management, excellent communication skills and have a good understanding of fleet leasing arrangements. Strong attention to detail is also critical along with problem solving skills. You should ideally have a project management qualification or good evidence of managing engineering projects. </p>\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. 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Based in Derby with a corporate office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\n<p>The Lead Maintenance and Publications Engineer is a new role within the Safety and Operations function. The main accountability is to support the delivery of a safe and cost-effective railway through the management, development and delivery of maintenance and engineering documentation for the Porterbrook fleet. The role will also review and develop maintenance strategy for Porterbrook’s fleets in association with the Fleet Services and the Commercial teams, to ensure the highest levels of reliability and performance. 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Individual skills will include project management, stakeholder engagement and supplier management. A track record of coming up with effective solutions to manage documentation would be helpful along with a track record of taking change projects forward from concept to implementation in this area.</p>\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. 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The role also manages vehicle redelivery and oversight of the off-lease assets. </p>\n<p>This role combines a background in the management of assets, delivery of projects and commercial skills. Ideal candidates will have a detailed knowledge of the rail industry and have a track record in managing enhancement and modification projects. The ability to balance the safety and the protection of the assets with the commercial aspects of fleet leasing will also be critical. Candidates should come with an engineering qualification and ideally will be a Chartered Engineering (or working towards this), although that is not critical. A project management qualification would also be helpful.</p>\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. This is a fantastic opportunity to join a great organisation with excellent people and a road map for the future to grow and develop the business. </p>\n<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Project%20Manager%20Asset%20Protection%20Application\">apply for this role</a>.<br /></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1324,3931,1,'Engineering Project Manager','2019-11-05 15:21:17','2019-11-05 15:21:18','2a6d22d2-a4a7-4587-8632-3934765a2415',NULL,'<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Engineering%20Project%20Manager%20Application\">apply for this role</a>.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1325,3932,1,'Project Manager (Asset Protection)','2019-11-05 15:21:18','2019-11-05 15:21:19','787de636-474b-4247-a73f-f358e26a9b15',NULL,'<p>Porterbrook Leasing Company specialises in the leasing of all types of railway rolling stock and associated equipment. Based in Derby with a corporate Head Office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\n<p>The Project Engineer (Asset Protection) is accountable for the management of the Porterbrook assets whilst they are on lease to the Train Operating Companies (TOC’s). Through liaison with the engineering functions of our customers the role will monitor asset condition, management of spares, management of enhancement projects being carried out by external suppliers ensuring that they are delivered on time, to budget and with a quality outcome. This will require the management of suppliers, the costing of projects, and the end to end oversight management of the project. The role also manages vehicle redelivery and oversight of the off-lease assets. </p>\n<p>This role combines a background in the management of assets, delivery of projects and commercial skills. Ideal candidates will have a detailed knowledge of the rail industry and have a track record in managing enhancement and modification projects. The ability to balance the safety and the protection of the assets with the commercial aspects of fleet leasing will also be critical. Candidates should come with an engineering qualification and ideally will be a Chartered Engineering (or working towards this), although that is not critical. A project management qualification would also be helpful.</p>\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. This is a fantastic opportunity to join a great organisation with excellent people and a road map for the future to grow and develop the business. </p>\n<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Project%20Manager%20Asset%20Protection%20Application\">apply for this role</a>.<br /><br /><br /><br /></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1326,3933,1,'Engineering Project Manager','2019-11-05 15:21:19','2019-11-05 15:21:19','07d305d8-f63a-43ae-93cb-90b9c0b2fd75',NULL,'<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Maintenance%20Services%20Project%20Manager%20Application\">apply for this role</a>.</p>\n\n',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1327,3934,1,'Fleet Support Engineer (EMU)','2019-11-05 15:21:19','2019-11-05 15:21:20','35cc443b-9bfb-4ed5-9441-b19c64f9e334',NULL,'<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Maintenance%20Services%20Project%20Manager%20Application\">apply for this role</a>.</p>\n\n',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1328,3935,1,'Lead Maintenance & Publications Engineer','2019-11-05 15:21:20','2019-11-05 15:21:21','ad375d6e-4ede-42fc-b16e-cfcb56ac3b23',NULL,'<p><br /></p><p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Maintenance%20Services%20Project%20Manager%20Application\">apply for this role</a>.</p>\n\n',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1329,3936,1,'Maintenance Services Project Manager','2019-11-05 15:21:21','2019-11-05 15:21:22','a3fbb7fd-def6-466c-aef7-59392ec64cf7',NULL,'<p>Porterbrook Leasing Company specialises in the leasing and asset \nmanagement of passenger and freight railway rolling stock and associated\n equipment. Based in Derby with a corporate Head Office in London, the \norganisation is undertaking a period of transformational change as it \nresponds to the changing landscape in rail. The engineering function is \nseeking the most talented commercial and technical resources in the \nindustry to join its team, to enable the business to be fit for the \nfuture.</p>\n<p>The role of the Engineering Project Manager will be to lead across a \nrange of specialist engineering projects, including fleet enhancements, \nheavy maintenance overhauls and implementing innovative solutions to \nimprove the performance of the fleet and end user customer experience. \nKey elements will include taking the project from concept through to \ndelivery, management of project budgets, managing the project plans and \neffective management of any risks. The role will involve working in \nclose collaboration with suppliers, train operators and the internal \nfleet engineering team. The role will also involve ensuring that the \nprojects are delivered safely and that the benefits expected are \ndelivered. </p>\n<p>Candidates for this role will have 5 to 10 years rolling stock \nengineering experience and be either a Chartered Engineer or working \ntowards this. Ideal candidates will have specific experience of working \nin project management of large-scale engineering improvement projects. \nThey will also have a strong track record of managing supplier \nrelationships with either manufacturers or maintainers. Organisational \ncapability and planning skills are key to the success of this role, \nalong with the ability to identify issues before they emerge and take \nappropriate remedial action. </p>\n<p>We are seeking the very best engineering talent to join the team, and\n offer an excellent salary, along with bonus and benefits. This is a \nfantastic opportunity to join a great organisation with excellent people\n and a road map for the future to grow and develop the business.</p>\n<p>Please send your CV and a covering email with full details of why you\n would be a great addition to the Porterbrook team, along with details \nof your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&amp;subject=Maintenance%20Services%20Project%20Manager%20Application\">apply for this role</a>.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1330,3937,1,'Engineering Project Manager','2019-11-05 15:21:22','2019-11-05 15:21:22','1fc7b7ca-e76d-4d9e-8833-be5c9b211b9b',NULL,'<p>Porterbrook Leasing Company specialises \r\nin the leasing of all types of railway rolling stock and associated \r\nequipment. Based in Derby with a corporate Head Office in London, the \r\norganisation is undertaking a period of transformational change as it \r\nresponds to the changing landscape in rail. The engineering function is\r\n seeking the most talented engineering resources in the industry to join\r\n its team, to enable the business to be fit for the future.</p>\r\n<p>The\r\n role of the Engineering Project Manager will be to lead across a range \r\nof specialist engineering projects, including fleet enhancements and \r\nimplementing innovative solutions to improve the performance of the \r\nfleet and end user customer experience. Key elements will include \r\ntaking the project from concept through to delivery, management of \r\nproject budgets, managing the project plans and effective management of \r\nany risks. The role will involve working in close collaboration with \r\nsuppliers, train operators and the internal fleet engineering team. The \r\nrole will also involve ensuring that the projects are delivered safely \r\nand that the benefits expected are delivered. </p>\r\n<p>Candidates\r\n for this role will have 5 to 10 years rolling stock engineering \r\nexperience and be either a Chartered Engineer or working towards this. \r\nIdeal candidates will have specific experience of working with in \r\nproject management of large-scale engineering improvement projects. \r\nThey will also have a strong track record of managing supplier \r\nrelationships with either manufacturers or maintainers. Organisational \r\ncapability and planning skills are key to the success of this role, \r\nalong with the ability to identify issues before they emerge and take \r\nappropriate remedial action. </p>\r\n<p>We are \r\nseeking the very best engineering talent to join the team, and offer an \r\nexcellent salary, along with bonus and benefits. This is a fantastic \r\nopportunity to join a great organisation with excellent people and a \r\nroad map for the future to grow and develop the business.<br></p>\r\n<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&subject=Engineering%20Project%20Manager%20Application\">apply for this role</a>.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1331,3938,1,'Fleet Support Engineer (EMU)','2019-11-05 15:21:22','2019-11-05 15:21:23','e23d98bb-b313-405a-ad20-41f4620e8f7f',NULL,'<p>Porterbrook Leasing Company specialises in the leasing of all types of railway rolling stock and associated equipment. Based in Derby with a corporate Head Office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\r\n<p>The Fleet Support Engineer EMU is accountable for the management of Porterbrook EMU Assets when they are on lease to the Train Operating Companies (TOCs). Working with all stakeholders the role will manage asset condition to ensure the safe and reliable operation of Porterbrook assets. The role will also provide support to deliver Porterbrook’s lease obligations for the relevant assets, heavy maintenance, modification programmes. The role will also develop solutions to any issues affecting the asset, provide platform support and develop reliability growth programmes. There will also be the opportunity to be involved in project management in relation to the assets.</p>\r\n<p>We are looking for a Chartered Engineer, or someone working towards this level, with 5 to 10 years of EMU Rolling Stock experience, along with good asset management skills. The ideal candidate will have good commercial skills, budget management, excellent communication skills and have a good understanding of fleet leasing arrangements. Strong attention to detail is also critical along with problem solving skills. You should ideally have a project management qualification or good evidence of managing engineering projects. </p>\r\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. This is a fantastic opportunity to join a great organisation with excellent people and a road map for the future to grow and develop the business. <br></p>\r\n<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&subject=Fleet%20Support%20Engineer%20EMU%20Application\">apply for this role</a>.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1332,3939,1,'Lead Maintenance & Publications Engineer','2019-11-05 15:21:23','2019-11-05 15:21:24','d545b013-ba76-4546-a50a-370d24e676b6',NULL,'<p>Porterbrook Leasing Company specialises in the leasing of all types of railway rolling stock and associated equipment. Based in Derby with a corporate office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\r\n<p>The Lead Maintenance and Publications Engineer is a new role within the Safety and Operations function. The main accountability is to support the delivery of a safe and cost-effective railway through the management, development and delivery of maintenance and engineering documentation for the Porterbrook fleet. The role will also review and develop maintenance strategy for Porterbrook’s fleets in association with the Fleet Services and the Commercial teams, to ensure the highest levels of reliability and performance. A key deliverable will be to lead and direct the production of rolling stock technical documents for maintenance, overhaul and modification projects, including presenting the information in clear and simple English. The development of the best approach to document management will be a role requirement. The role offers the opportunity to develop new ways of working using technology as an enabler. Longer term there is the potential to offer document management services to the customer base as an added value service.</p>\r\n<p>We are looking for a Chartered Engineer, or someone working towards this level, with a minimum of 5 years Fleet and Rolling Stock experience gained within a ROSCO, TOC or manufacturer. A strong understanding of rolling stock systems is essential along with a sound understanding of engineering standards. The ideal candidate will have experience of working with technical documents and will have utilised document management systems including SharePoint. Individual skills will include project management, stakeholder engagement and supplier management. A track record of coming up with effective solutions to manage documentation would be helpful along with a track record of taking change projects forward from concept to implementation in this area.</p>\r\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. This is a fantastic opportunity to join a great organisation with excellent people and a road map for the future to grow and develop the business. <br></p>\r\n<p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to <a href=\"mailto:recruitment@porterbrook.co.uk?cc=fiona.irvine@rainbowhr.com&subject=Lead%20Maintenance%20and%20Publications%20Engineer%20Application\">apply for this role</a>.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1333,3940,1,'Project Manager (Asset Protection)','2019-11-05 15:21:24','2019-11-05 15:21:25','da45858b-30bc-4d51-86f0-56cd348b3fc7',NULL,'<p>Porterbrook Leasing Company specialises in the leasing of all types of railway rolling stock and associated equipment. Based in Derby with a corporate Head Office in London, the organisation is undertaking a period of transformational change as it responds to the changing landscape in rail. The engineering function is seeking the most talented commercial and technical resources in the industry to join its team, to enable the business to be fit for the future.</p>\n<p>The Project Engineer (Asset Protection) is accountable for the management of the Porterbrook assets whilst they are on lease to the Train Operating Companies (TOC’s). Through liaison with the engineering functions of our customers the role will monitor asset condition, management of spares, management of enhancement projects being carried out by external suppliers ensuring that they are delivered on time, to budget and with a quality outcome. This will require the management of suppliers, the costing of projects, and the end to end oversight management of the project. The role also manages vehicle redelivery and oversight of the off-lease assets. </p>\n<p>This role combines a background in the management of assets, delivery of projects and commercial skills. Ideal candidates will have a detailed knowledge of the rail industry and have a track record in managing enhancement and modification projects. The ability to balance the safety and the protection of the assets with the commercial aspects of fleet leasing will also be critical. Candidates should come with an engineering qualification and ideally will be a Chartered Engineering (or working towards this), although that is not critical. A project management qualification would also be helpful.</p>\n<p>We are seeking the very best talent to join the team, and offer an excellent salary, along with bonus and benefits. This is a fantastic opportunity to join a great organisation with excellent people and a road map for the future to grow and develop the business. </p><p>Please send your CV and a covering email with full details of why you would be a great addition to the Porterbrook team, along with details of your current salary and notice period to apply for this role.<br /><br /></p>\n',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'Derby',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1334,3941,1,'Digital','2019-11-05 15:21:25','2019-11-05 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and Services','2019-11-05 15:21:26','2019-11-05 15:21:26','d2bd1194-9274-47e5-8e5d-7135ad136fbc','standard',NULL,NULL,NULL,NULL,NULL,'{\"bundleVersion\":\"1.0.22\",\"sourceBundleType\":\"field\",\"sourceId\":null,\"sourceName\":null,\"sourceHandle\":null,\"sourceType\":\"field\",\"sourceTemplate\":\"\",\"sourceSiteId\":null,\"sourceAltSiteSettings\":[],\"sourceDateUpdated\":\"2019-03-22T12:33:21+00:00\",\"metaGlobalVars\":{\"language\":null,\"mainEntityOfPage\":\"\",\"seoTitle\":\"\",\"siteNamePosition\":\"\",\"seoDescription\":\"\",\"seoKeywords\":\"\",\"seoImage\":\"\",\"seoImageWidth\":\"\",\"seoImageHeight\":\"\",\"seoImageDescription\":\"\",\"canonicalUrl\":\"\",\"robots\":\"\",\"ogType\":\"\",\"ogTitle\":\"{seomatic.meta.seoTitle}\",\"ogSiteNamePosition\":\"\",\"ogDescription\":\"{seomatic.meta.seoDescription}\",\"ogImage\":\"\",\"ogImageWidth\":\"\",\"ogImageHeight\":\"\",\"ogImageDescription\":\"{seomatic.meta.seoImageDescription}\",\"twitterCard\":\"\",\"twitterCreator\":\"\",\"twitterTitle\":\"{seomatic.meta.seoTitle}\",\"twitterSiteNamePosition\":\"\",\"twitterDescription\":\"{seomatic.meta.seoDescription}\",\"twitterImage\":\"\",\"twitterImageWidth\":\"\",\"twitterImageHeight\":\"\",\"twitterImageDescription\":\"{seomatic.meta.seoImageDescription}\"},\"metaSiteVars\":{\"siteName\":\"Porterbrook\",\"identity\":null,\"creator\":null,\"twitterHandle\":\"\",\"facebookProfileId\":\"\",\"facebookAppId\":\"\",\"googleSiteVerification\":\"\",\"bingSiteVerification\":\"\",\"pinterestSiteVerification\":\"\",\"sameAsLinks\":[],\"siteLinksSearchTarget\":\"\",\"siteLinksQueryInput\":\"\",\"additionalSitemapUrls\":[],\"additionalSitemapUrlsDateUpdated\":null,\"additionalSitemaps\":[]},\"metaSitemapVars\":{\"sitemapUrls\":true,\"sitemapAssets\":true,\"sitemapFiles\":true,\"sitemapAltLinks\":true,\"sitemapChangeFreq\":\"weekly\",\"sitemapPriority\":0.5,\"sitemapLimit\":null,\"structureDepth\":null,\"sitemapImageFieldMap\":[],\"sitemapVideoFieldMap\":[]},\"metaContainers\":{\"MetaTagContainergeneral\":{\"data\":[],\"name\":\"General\",\"description\":\"General 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Extensions For The North','2019-11-05 15:21:39','2019-11-05 15:21:39','a64cd070-177a-4345-a903-c6e41413cb94',NULL,'<p>Porterbrook has signed an agreement to extend the leases for their rolling stock with train operator Northern Rail in line with the recent announcement by the Department for Transport to run a new short term franchise until February 2016.</p>\n\n<p>As part of this, Porterbrook’s fleet with Northern Rail will also move to a soggy lease arrangement, whereby Porterbrook will take responsibility for all heavy maintenance on the vehicles throughout the franchise term.</p>\n<p>In addition, to satisfy the Department for Transport’s challenge for the introduction of electric units for the North West Electrification project, Porterbrook has signed an agreement to introduce Class 319 Electric Multiple Units which will be cascaded from the current First Capital Connect franchise. These units will operate between Liverpool and Manchester via Newton le Willows on the newly electrified route.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1350,4009,1,'Our People','2019-11-05 15:21:39','2019-11-05 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Successfully Completes Refinancing Deal','2019-11-05 15:21:41','2019-11-05 15:21:42','abec7064-6fbe-49eb-81e6-89fac5f50090',NULL,'<p>On 4 April 2014 Porterbrook successfully completed a refinancing of its senior bank and junior debt facilities which extends out the debt maturities and provides the business with funds for future growth. To achieve these objectives Porterbrook raised £1.2 billion of new debt which includes:</p>\n\n<ul><li>a 5-year senior term loan of £300m together with the new 15-year £250m fixed rate public bond which were used to repay existing debt due to mature in 2016;</li>\n <li>5-year revolving capex and acquisition facilities totalling £600m, which along with the senior term loan are provided by a syndicate of 12 banks; and</li>\n <li>a new 7-year junior facility of £100m which is provided by MetLife and a number of European financial institutions.</li>\n</ul><p>During the highly competitive process, Porterbrook held discussions with over 30 potential senior and junior lenders, along with many potential bond investors during a 3 day roadshow.</p>\n<p>Paul Francis, Managing Director for Porterbrook said</p>\n<p>“Porterbrook management and shareholders are extremely pleased with this process and for the ongoing support of a wide population of financial institutions who continue to believe in UK rail and its rolling stock. This refinancing demonstrates Porterbrook’s commitment to continued investment in rolling stock and the company is actively bidding for new trains for the Southern and Stagecoach South West franchises.</p>\n<p>We thank our advisors, J.P. Morgan and Milbank, as well as the dealers from within the new bank group who assisted us in securing this strong financial base for the future of Porterbrook’s business.”</p>\n<p>Porterbrook is one of the UK’s rolling stock leasing companies. It is owned by Deutsche Bank, iCON Infrastructure, Antin Infrastructure Partners and OPTrust and is rated BBB by S&amp;P.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1353,4021,1,'AIMCo, Allianz, EDF Invest And Hastings Successful Bidders For 100% Stake In Porterbrook','2019-11-05 15:21:42','2019-11-05 15:21:43','6f1a30fe-35d0-49e6-9947-7bff746f74d0',NULL,'<p>LONDON, United Kingdom: Today the ultimate owners of Porterbrook Rail Finance Limited (“Porterbrook” or the “Company”), one of the three major rolling stock leasing companies in the UK, entered into an agreement for the sale of their indirect interests in the Company to a global investment consortium comprised of Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management (“Hastings”) (together the “Consortium”).</p>\n\n<p>Porterbrook owns a diverse portfolio of passenger and freight rolling stock and leases this stock to train and freight operating companies in the UK under long-term lease agreements. It owns and manages a modern fleet of approximately 5,900 passenger and freight vehicles and its portfolio represents approximately one third of Britain’s passenger rolling stock fleet.</p>\n<p>All Consortium members are long-term infrastructure investors with a similar investment strategy and have considerable experience in acquiring and managing infrastructure assets across the globe.</p>\n<p>Paul Francis, the Managing Director of Porterbrook, said, “We are delighted to welcome AIMCo, ACP, EDF Invest and Hastings as new investors to our business. Their long term approach and capital resources will position Porterbrook well to lead the next phase of growth in the rail industry.”</p>\n<p>The Consortium said, “We are excited about the opportunity to invest in Porterbrook. We understand the importance of rail infrastructure to the UK economy and we look forward to developing long-term relationships with each of the Company’s many stakeholders.”</p>\n<p>The transaction is expected to complete by the end of October.</p>\n<p>For further information please contact:</p>\n<ul><li>AIMCo: Denes Nemeth Tel. +1 780 392 3857</li>\n <li>ACP: Stefanie Rupp-Menedetter Tel. +49 89 3800 2743</li>\n <li>EDF Invest: Alison Marquilly Tel. +33 1 40 42 15 76</li>\n <li>Hastings: Valeria Rosati Tel. +44 7900 136 804</li>\n</ul><p>About Alberta Investment Management Corporation</p>\n<p>Alberta Investment Management Corporation is one of Canada’s largest and most diversified institutional investment fund managers, managing an investment portfolio of approximately C $80 billion. AIMCo was established in 2008 to invest for superior long-term investment results for its 27 pension, endowment and government clients in Alberta, including the Alberta Heritage Savings Trust Fund.</p>\n<p>About Allianz Capital Partners</p>\n<p>Allianz Capital Partners is the Allianz Group’s in-house investment manager for alternative investments investing only the capital of Allianz insurance companies. With offices in Munich, London, New York and Singapore Allianz Capital Partners manages around EUR 10 billion of alternative assets. The investment focus is on direct investments in infrastructure and renewable energy as well as private equity fund investments. ACP’s investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies.</p>\n<p>About EDF Invest</p>\n<p>Created in July 2013, EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the asset portfolio which covers its long-term nuclear-decommissioning commitments in France. EDF Invest targets three asset classes: Infrastructure, Real Estate and Private Equity. Its Infrastructure portfolio already includes a 50% stake in RTE, the French electricity transmission company, as well as a 20% stake in TIGF, the French gas transport and storage company acquired in 2013 from Total.</p>\n<p>About Hastings</p>\n<p>Hastings is a specialist manager dedicated to transforming global infrastructure investment opportunities to deliver long-term value for its investors. With almost two decades of experience, it is one of Australia’s longest-running infrastructure managers. From its headquarters in Melbourne, Hastings has built a global footprint with offices in Sydney, Singapore, London and New York now collectively employing approximately 100 professional staff. It currently manages approximately A$9.2 billion across a number of funds and mandates. Hastings’ clientele totals some 70 institutional investors. The Hastings asset portfolio predominantly comprises utilities, airports, toll roads and seaports in Australia, the UK, Europe and the US. The primary focus is on building a diversified portfolio of equity and debt-based infrastructure investments. The Hastings team covers asset finance, business development, client services, portfolio construction, origination, and infrastructure investing.</p>\n<p>Hastings’ investment in Porterbrook is being made by Utilities Trust of Australia, The Infrastructure Fund and a separately managed account, which are all managed by Hastings.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1354,4022,1,'New Train Fleets For Thameslink And Gatwick Express','2019-11-05 15:21:43','2019-11-05 15:21:45','5ea1393c-adf8-40e3-9652-0d29f531ec06',NULL,'<p>Porterbrook Leasing has been confirmed as financier for 224 new custom built Electrical Multiple Unit (EMU) coaches at a cost of £317m that will be operating on the new Govia Thameslink Railway (GTR) franchise.</p>\n\n<p>These 110mph, dual voltage Bombardier Electrostar EMUs will be configured as 4 car units and will be fitted with air conditioning, two by two seating and include the latest automated on-board service information and facilities for people with disabilities.</p>\n<p>29 of the units will be operating on the Thameslink route, initially entering passenger service throughout December this year and, from January 2015, will begin to replace the Class 319 EMUs currently in operation on services between Bedford and Brighton. The new trains will remain in service until 2016 when the new fleet of trains being introduced as part of the Thameslink Programme is due to start deliveries at which time the Class 387s will be transferred to another operator.</p>\n<p>The second part of the order is for 27 units to operate on the Gatwick Express service which will have easier boarding, a generous luggage space, two by two seating and wi-fi. These trains are due to enter service in 2016 replacing the current train fleet which has been in operation since 2008 and are seen as unsuitable for an airport service.</p>\n<p>This order brings the Porterbrook Electrostar EMU fleet to 1,370 coaches and an investment of over £2.3bn in passenger trains for the UK since privatisation.</p>\n<p>With its change in ownership in October of this year Porterbrook is well placed to continue its investment strategy in new trains that ties in with the recently published Rolling Stock Strategy document which forecasts a need for between 13,000 and 19,000 new coaches over the next 30 years.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1355,4023,1,'Wi-fi To Be Fitted To Class 158s In Operation With First ScotRail','2019-11-05 15:21:45','2019-11-05 15:21:46','5973226a-9f46-4ed2-8c78-60fec112bee6',NULL,'<p>Porterbrook Leasing has signed an agreement with train operator First ScotRail to finance the fitment of wi-fi equipment to its fleet of Class 158 vehicles.</p>\n\n<p>Following the successful installation of wi-fi to the Class 170 vehicles the operator requested that Porterbrook also fit their Class 158 vehicles with wi-fi equipment. This work is planned to commence in April 2014 and is due to be completed by November 2014 which will mean that both of Porterbrook’s DMU fleets currently on lease with First ScotRail will have been fitted ahead of the new ScotRail franchise.</p>\n<p>The fitment of wi-fi equipment is a requirement of the new ScotRail franchise which commences in April 2015.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1356,4024,1,'Rail Industry Reiterates Future Potential Demand For New Trains And Carriages','2019-11-05 15:21:46','2019-11-05 15:21:46','059fe8cb-de95-4694-8ce1-3a8bd3e9e4fd',NULL,'<p>An updated report published by the rail industry reiterates the importance of a market-led approach to delivering value for money rolling stock. Such an approach is the best way to meet rising passenger demand over the next 30 years and maximise the potential benefits of the increased capacity that will be provided both on the existing network and on HS2.<br /></p>\n<p>The second Long Term Passenger Rolling Stock Strategy for the Rail Industry , which has been welcomed by Rail Minister Stephen Hammond, was produced through cross industry collaboration by rolling stock owners, operator owning groups and Network Rail. It underlines previous scenarios for the future size and makeup of the national rolling stock fleet.</p>\n<p>The report highlights the benefits of electrification of the rail network and, taking into account the Government’s commitment in principle to continue electrifying the network, forecasts that:</p>\n<ul><li>Based on future passenger demand an increase in the size of the fleet of between 53% and 99% will be required over the next 30 years</li>\n <li>The proportion of vehicles using electric traction will rise from 69% today to over 90% in 30 years time</li>\n <li>Between 13,000 and 19,000 new electric vehicles will be required over the period, with an average of between eight and 12 needing to be delivered every week</li>\n <li>Around 3,050 new electric vehicles will need to be delivered by April 2019, with just 20% or 600 still to be ordered</li>\n <li>The average build rate of 12 vehicles per week that this represents contrasts with an average of just four per week in the five years to April 2014</li>\n</ul><p>The report says that early government commitment to a further electrification programme during 2019-2024 could help drive value for money in the sector by increasing confidence among investors and the supply chain.</p>\n<p>According to the report, putting train operators and the rolling stock owners, rather than DfT, at the centre of planning and delivering rolling stock through a market-based approach is the best way to deliver better value for money from the passenger fleet.</p>\n<p>Richard Brown, chairman of the Rolling Stock Strategy Steering Group, said:</p>\n<p>“The growth in demand for rail travel is set to continue and meeting it with the most suitable and cost efficient rolling stock is vital to maximising the railway’s benefits to our economy, local communities and the environment. The updated rolling stock strategy sets out future potential demand but also poses important challenges for the industry.</p>\n<p>Working with government and Network Rail, train operators and leasing companies are in the best position to ensure that a whole-life, whole-system approach is adopted to rolling stock. With billions of pounds set to be invested in the rail industry over the coming years, this will ensure that value for money and benefits for passengers are maximised.”</p>\n<p>Notes to editors:</p>\n<p>The Rolling Stock Strategy Steering Group is made up of representatives of the train operating companies and owning groups, the rolling stock owners (Angel Trains, Eversholt Rail Group and Porterbrook Leasing), Network Rail, ATOC’s engineering council and the Rail Delivery Group executive team.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1357,4025,1,'Porterbrook Wins Again At The Industry Golden Spanner Awards','2019-11-05 15:21:46','2019-11-05 15:21:47','1cc4c8aa-06d1-468d-95f6-19764b3584ca',NULL,'<p>The winners of the Annual Modern Railways Golden Spanner Awards were announced at the Fourth Friday Club meeting on Friday 28th November 2014.</p>\n\n<p>The awards, based on statistical data produced by ATOC, rewards excellence in rolling stock maintenance.</p>\n<p>Porterbrook picked up 5 of the 6 available Gold awards as well as 2 Silver and 1 Bronze, a total of 50% of the available awards. The table below shows Porterbrook’s winning fleets.</p>\n<p>These results underpin Porterbrook’s reputation of leading the industry on fleet performance and we would like to thank our partners for their contribution in achieving this success.</p>\n<p>Gold - Most Reliable FleetEx BR DMU Class 159/1 South West Trains</p>\n<p>Ex BR EMU Class 455 South West Trains<br />\nNew DMU Class 170 Cross Country<br />\nNew EMU Class 458/1 South West Trains<br />\nPacer Class 144 Northern</p>\n<p>Silver - Most Improved</p>\n<p>Ex BR DMU Class 153 London Midland<br />\nNew DMU Class 170 London Midland</p>\n<p>Bronze - Fastest Incident Recovery</p>\n<p>New DMU Class 171 Southern</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1358,4026,1,'Southern Announces Capital Funding Preferred Supplier','2019-11-05 15:21:47','2019-11-05 15:21:48','155d9d88-7bc7-4aff-bcb7-927a32fb6cc8',NULL,'<p>Southern has today, 29 September 2014, announced Porterbrook Leasing as its preferred supplier to provide capital funding for the new Class 387/1 vehicles as provided under the contract with Bombardier Transportation UK Limited as entered into in July 2013. Production of the new trains, which will operate initially on Thameslink routes from January 2015 has begun.</p>\n<p>The initial rolling stock order is worth £172m for 116 vehicles and will begin to be delivered to Southern later this year.</p>\n<p>Southern announced there would be a financial competition to provide the capital funding for the trains at the time the order was made in July 2013.</p>\n<p>Southern’s Fleet Director, Gerry McFadden said:</p>\n<p>“We’re delighted to announce Porterbrook as our preferred supplier. Following a competitive procurement process, we found that its bid met our criteria and we look forward to working with them to deliver the new trains which will transform the travelling experience for many Thameslink passengers.”</p>\n<p>Porterbrook’s Commercial Director, Keith Howard said:</p>\n<p>“We will be working towards completion of the purchase of these new trains in the next few weeks which will be a further addition to our fleet of Electrostar vehicles. We welcome this investment opportunity and hope that there will be more to come for new and existing rolling stock over the coming years.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1359,4027,1,'Southern Announces Capital Funding Preferred Supplier','2019-11-05 15:21:48','2019-11-05 15:21:49','24ecbcd6-bf0f-424a-bc05-fe3176e0c495',NULL,'<p>Southern has today, 29 September 2014, announced Porterbrook Leasing as its preferred supplier to provide capital funding for the new Class 387/1 vehicles as provided under the contract with Bombardier Transportation UK Limited as entered into in July 2013. Production of the new trains, which will operate initially on Thameslink routes from January 2015 has begun.</p>\n\n<p>The initial rolling stock order is worth £172m for 116 vehicles and will begin to be delivered to Southern later this year.</p>\n<p>Southern announced there would be a financial competition to provide the capital funding for the trains at the time the order was made in July 2013.</p>\n<p>Southern’s Fleet Director, Gerry McFadden said:</p>\n<p>“We’re delighted to announce Porterbrook as our preferred supplier. Following a competitive procurement process, we found that its bid met our criteria and we look forward to working with them to deliver the new trains which will transform the travelling experience for many Thameslink passengers.”</p>\n<p>Porterbrook’s Commercial Director, Keith Howard said:</p>\n<p>“We will be working towards completion of the purchase of these new trains in the next few weeks which will be a further addition to our fleet of Electrostar vehicles. We welcome this investment opportunity and hope that there will be more to come for new and existing rolling stock over the coming years.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1360,4028,1,'ScotRail Unveils First Of 40 New-look Trains','2019-11-05 15:21:49','2019-11-05 15:21:50','16df47a0-7b2b-4051-ba17-b8dd4b67a2f5',NULL,'<p>ScotRail today unveiled the first of 40 new-look trains as part of a £14million modernisation project.</p>\n\n\n<p>The new trains will deliver improved seating, better lighting, accessibility enhancements and at-seat power sockets for customers.</p>\n<p>The two-carriage Class 158 trains will be painted in ScotRail’s ‘Saltire’ livery and receive revamped interiors including modern carpets, finishes and toilets.</p>\n<p>The 137-seat trains will also be fitted with new CCTV systems and automated passenger-counting systems.</p>\n<p>The fleet is being upgraded with Scotland’s scenic railways in mind, with seats aligned alongside windows to offer panoramic views on the country’s most picturesque routes.</p>\n<p>The refurbishment project is being funded by ScotRail, and jointly managed by Porterbrook. The work being carried out at the Knorr-Bremse RailServices’ Springburn facility in Glasgow – with 14 extra new staff already recruited specifically for this project.</p>\n<p>The first carriage will leave the depot tomorrow (2/9) and will be on the track ready for the opening day of the new Borders Railway.</p>\n<p>Derek Mackay, Minister for Transport and Islands, watched as the finishing touches were applied to the first refurbished train.</p>\n<p>Mr Mackay said: “We are investing record amounts in Scotland’s railways and, with passenger numbers increasing by more than six million last year, these refurbished trains will further improve the travel experience. I am also particularly pleased that, in the process, Scottish jobs are being supported with these improvement works delivered by workers at Knorr-Bremse RailServices’ depot here in Springburn.</p>\n<p>“Passengers will soon see more of these refurbished trains rolling out on routes all over Scotland and, fittingly, the first carriages off the production line will start their journey as part of the historic Borders Railway launch, with all the benefits that will bring for the Borders, Midlothian and Edinburgh economy.”</p>\n<p>The revamped trains will be rolled out at a rate of roughly one a month between now and April 2018 on routes across Scotland, including:</p>\n<ul><li>Inverness - Aberdeen/Kyle/Wick</li>\n <li>Glasgow Queen Street - Stirling/Dunblane/Alloa</li>\n <li>Glasgow Queen Street - Falkirk Grahamston</li>\n <li>Glasgow Queen Street - Anniesland via Maryhill</li>\n <li>Edinburgh - Dunblane/Perth/Glasgow Central via Shotts</li>\n <li>Edinburgh Waverley/Glasgow Queen Street - Perth/Dundee/Aberdeen/Inverness</li>\n <li>Fife Circle</li>\n</ul><p>ScotRail Alliance managing director Phil Verster said: “Completing the first refurbishment is a big moment for this exciting project, which I believe will make a real difference for passengers using Scotland’s railways.</p>\n<p>“We’ve listened to customers, and that feedback is reflected in the upgrades being made. Seats are better aligned alongside windows, interiors are brighter and more modern, and people can charge phones and laptops during their journeys.”</p>\n<p>Alex White, Porterbrook’s Operations Director, said: “This project shows what can be achieved in terms of passenger comfort features, environment and quality. Having the work done in Springburn gives us and the industry the chance to retain and even increase a qualified local workforce, which is so critical to the rail industry as a whole. ”</p>\n<p>Nick Fitzwater, managing director of Knorr-Bremse RailServices in the UK, said: “We are very proud to be involved in this major refurbishment project.</p>\n<p>“Working closely with our customers Porterbrook and ScotRail Alliance in this way further supports our commitment to employment, growth and investment in the Springburn facility and to playing our part in supporting rail operations in Scotland.”</p>\n<p><strong>Media enquiries</strong> Danny Carden, ScotRail: communications@scotrail.co.uk / 0141 335 5087 Nick Wade, Transport Scotland: nicholas.wade@transportscotland.gsi.gov.uk / 0141 272 7199</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1361,4029,1,'Porterbrook Invests In Additional Class 387 EMUs','2019-11-05 15:21:50','2019-11-05 15:22:22','09bb8fba-712d-4bec-8c4c-75e3eb41421b',NULL,'<p>Porterbrook Leasing announces its purchase of 80 class 387 Electrostar vehicles from Bombardier; adding to its recent orders for 256 class 387 vehicles. The vehicles will be built at Bombardier’s Derby site and delivery of the vehicles will commence from October 2016, with full delivery to be taken ahead of June 2017.</p>\n\n<p>Supporting the aspiration of the Department for Transport for the rolling stock market to invest in new vehicles to satisfy increasing capacity requirements in the near and medium term, Porterbrook’s investment decision also embraces the initiative for the Midlands Engine for Growth and supports local skills and manufacturing jobs in the region.</p>\n<p>These new trains will help satisfy the future demand for mid-distance electric trains which currently represent approximately 50% of all passenger trains in the UK. They will be required for the lines to be electrified in the near future and they will be used to alleviate higher than forecast passenger growth and overcrowding.</p>\n<p>Transport Secretary Patrick McLoughlin said: “This deal is fantastic news, both for East Midlands’ booming rail industry, and for passengers, who will benefit from more British-built trains on the rail network in the future.</p>\n<p>“Introducing more modern, high-quality trains is central to our commitment to give passengers better journeys and boost economic growth, with more than 3,700 extra carriages set to be introduced across the network by the end of 2019. It is great to see the industry leading the way.”</p>\n<p>The Electrostars are already widely used across the network within TSGN, Essex Thameside, South Eastern and soon Great Western franchises.</p>\n<p>A number of parties have already expressed an interest in leasing this new fleet, notably Rail for London but also established operators and prospective bidders of upcoming franchises.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1362,4030,1,'Porterbrook Launches The Class 144e','2019-11-05 15:22:22','2019-11-05 15:22:23','786cd7e8-a985-454f-b6c8-255b8985b7c9',NULL,'<p>On Friday 26th June 2015 Porterbrook Leasing showcased the new Class 144e to demonstrate to the industry how the passenger experience can be transformed by developing an existing vehicle making it comply with the technical standard for People with Reduced Mobility (PRM TSI) in the process.<br /></p>\n<p>The project, a collaboration between Porterbrook Leasing, RVEL, Lloyds Register Rail and other suppliers, took a 2-car Class 144 unit, 144012, and transformed the passenger environment with a new bright and welcoming interior, new seats, luggage and bicycle storage, draught screens and flooring. At the same time, a new universal access toilet, wheelchair spaces and priority seating was included. The technology aspect has been future proofed by the addition of a new Ethernet backbone which enables added value operational systems, with saloon and forward facing CCTV but also offers new passengers related functionalities such as passenger Wi-Fi, a full colour LCD information displays, media screens and automated passenger announcements.</p>\n<p>Olivier André, Commercial Director for Porterbrook said “Self powered DMU vehicles will be required for the foreseeable future and it is generally accepted that there is and will be a DMU shortage for some years, part of which will be relieved by electrification. Porterbrook sees the Class 144e project as a demonstration of how to efficiently bring existing Rolling Stock up to date with the public expectations at a fraction of a cost of new vehicles, offering very quickly value for money to the industry.”</p>\n<p>Andy Houghton, RVEL’s Commercial Director said: “We are delighted to have been asked to work with Porterbrook and other regional suppliers on delivering the 144e project. It is our hope that the 144e will showcase how the railway can properly meet the exacting demands of today’s passenger; so that the customer is able to experience the same levels of quality whether on existing or recently manufactured rolling stock.”</p>\n<p>Martin Giles, Managing Director for Ricardo Rail said “Having started this project as an initial feasibility study, Ricardo Rail (formerly Lloyd’s Register Rail) were pleased to then be asked to develop the client requirements into a complete design solution. The key challenges included increasing the equipment installed on the vehicle, such as a Universal Access Toilet (UAT), without adding any weight penalty or reducing the passenger carrying capacity. Through collaborative teams, featuring colleagues from Porterbrook, Ricardo Rail and RVEL, we have built successful strong relationships with all the parties involved, which we hope to continue into the future.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1363,4031,1,'Rail Industry Confirms Future Potential Demand For New Trains And Carriages','2019-11-05 15:22:23','2019-11-05 15:22:23','1b01c443-f040-437c-a8e1-14a29b5c5d51',NULL,'<p>The rail industry has come together to publish the third annual update of its Long Term Passenger Rolling Stock Strategy for the Rail Industry .</p>\n\n<p>As with the previous two editions, this has been produced through collaboration between rolling stock owners and the Rail Delivery Group, representing train operators and Network Rail, and is an example of the rail industry working together to deliver strategic leadership on key issues.</p>\n<p>The report outlines the best way to meet rising passenger demand over the next thirty years and also how to maximise the potential benefits of the increased capacity that will be provided on the existing network and HS2.</p>\n<p>Projections for the quantities of new rolling stock that will be delivered in the next five years have been revised upwards because of the growth in passenger demand, and reflect the recent announcements by train operating companies of additional new trains for the c2c, Thameslink, ScotRail, Caledonian Sleeper and South West Trains routes, and by TfL for the London Overground.</p>\n<p>The strategy highlights the many customer benefits of electrification, including increased fleet reliability, improved train punctuality, better acceleration to shorten journey times, greater train capacity and reduced noise, vibration and emissions.</p>\n<p>Taking into account the Government’s commitment in principle to continue electrifying the network, the strategy forecasts that:</p>\n<ul><li>based on future passenger demand, an increase in the size of the fleet of between 52% and 99% will be required over the next 30 years;</li>\n <li>the proportion of vehicles using electric traction will rise from 69% today to 92 – 95% in 30 years time;</li>\n <li>between 13,000 and 19,000 new electric vehicles will be required over the period, with an average of between eight and 12 needing to be delivered every week, compared with four per week in the five years to April 2014, and;</li>\n <li>around 3,350 new electric vehicles will need to be delivered by April 2019, with orders already placed for 90% of this total. A further 428 vehicles for Crossrail, the Intercity Express Programme and Essex Thameside have already been committed for delivery after this date.</li>\n <li>The report supports the principle that rolling stock procurement should, in most cases, be market-based and franchise-led. By putting train operators and fleet owners at the centre of planning and delivering rolling stock, better value for money can be achieved, as for example is to be the case for the new and additional rolling stock to be procured for the North of England.</li>\n</ul><p>Richard Brown, chairman of the Rolling Stock Strategy Steering Group, said:</p>\n<p>“Demand for rail travel is set to continue to grow. Meeting this demand with the most suitable and cost efficient rolling stock is vital to maximising the railway’s benefits for passengers as well as the economy, local communities and environment. This updated rolling stock strategy sets out future potential demand and identifies challenges and opportunities.</p>\n<p>“The rail industry is committed to working with Government to ensure a whole-life, whole-system approach on rolling stock is adopted. This will maximise both value for money and benefits for rail customers.”</p>\n<p>Notes to editors:</p>\n<p><a href=\"http://www.raildeliverygroup.com/wp-content/uploads/2015/03/2015-02-long-term-passenger-rolling-stock-strategy-3rd-ed.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Click here</a> for a copy of the Long Term Passenger Rolling Stock Strategy for the Rail Industry.</p>\n<p>The Rolling Stock Strategy Steering Group includes the rolling stock owners (Angel Trains, Eversholt Rail Group and Porterbrook Leasing) and the Rail Delivery Group, representing passenger and freight train operators and Network Rail.</p>\n<p>The above figures exclude the very large numbers of new trains which will be built for London Underground in the coming years, and the smaller quantities for international high speed services to and from London, and for light rail routes.</p>\n<p>The report is consistent with the Government’s recent announcement about rolling stock requirements for the North of England.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1364,4032,1,'PN 1-15 Porterbrook Signs Agreement For Class 387s','2019-11-05 15:22:23','2019-11-05 15:22:24','e524a356-9073-4c4d-ac88-5f6f09211c31',NULL,'<p>Porterbrook Leasing has signed an agreement with First Greater Western to supply a further 32 Class 387 vehicles. The additional rolling stock will join the 116 vehicles, currently in operation on the Thameslink route, which are due to be delivered to the train operator during 2016/17 for the Paddington to Reading and Paddington to Oxford routes.</p>\n\n<p>These 110mph, dual voltage Bombardier Electrostar EMUs (Electric Multiple Units) will be configured as 4 car units and will be fitted with air conditioning, two by two seating and include the latest on board service information and facilities for people with disabilities.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1365,4033,1,'Class 144 Evolution','2019-11-05 15:22:24','2019-11-05 15:22:25','b1e4d13b-abdc-4eb4-8df1-f0a526139116',NULL,'<p>Porterbrook aims to transform perceptions of the Class 144 fleet by improving the exterior, upgrading the interior and investing in the latest on-board technologies. One unit is currently being refurbished to show what can be achieved even though the Northern ITT has stated that these vehicles will not be required long term within that franchise. Fleets that can provide an attractive service at a cost effective price are as important now as when these vehicles were first conceived.</p>\n\n<p>The Class 144 is technically sound and reliable and there is no reason why it could not operate successfully and economically for years to come.</p>\n<p>Porterbrook is convinced that a radical upgrade of the fleet will unlock its potential to continue to deliver value for money services whilst meeting the needs of today’s passengers.</p>\n<p>The attached brochure shows our plans in more detail. The Class 144 Evolution unit will be delivered to Northern Rail in the next few months and will be running in passenger service enabling everyone to see the transformation.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1366,4034,1,'Winners Again At The Golden Spanner Awards 2015','2019-11-05 15:22:25','2019-11-05 15:22:44','de9ad40f-e1f9-4b03-a59e-56d7c1da1683',NULL,'<p>The winners of the annual Modern Railways Golden Spanner Awards were announced at the Fourth Friday Club meeting held on Friday 27th November.</p>\n\n<p>The awards celebrate the efforts of train maintenance teams, depots and rolling stock leasing companies for train reliability.</p>\n<p>This year Porterbrook picked up a total of 12 of the 17 available awards including an additional Golden Spanner awarded to mark the Class 458’s achievements in being the most reliable EMU four years in succession.</p>\n<p>Porterbrook strives to consistently get the best out of its rail vehicle portfolio for the satisfaction of its customers and the travelling public and these results reinforce Porterbrook’s reputation as industry leader on fleet performance. We would like to thank our partners and customers for their contribution in achieving this success.</p><p><strong>Gold</strong> <br /><strong>Most reliable fleet</strong></p>\n<p><strong>Ex BR EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">South West Trains – Class 455</a></p>\n<p><strong>Ex BR DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">South West Trains – Class 159/0</a></p>\n<p><strong>New Generation EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">London Midland – Class 350/2</a></p>\n<p><strong>New Generation DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Cross Country – Class 170</a></p>\n<p><strong>Wildcard</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Abellio Greater Anglia – Class 90/DVT/Mk3 Set</a></p><p><strong>Silver</strong> <br /><strong>Most improved fleet</strong></p>\n<p><strong>Ex BR EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">South West Trains – Class 158</a></p>\n<p><strong>Ex Generation DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Greater Thameslink Railway Class 377/6-7</a></p>\n<p><strong>New Generation EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Transpennine Express – Class 170</a></p><p><br /></p><p><strong>Bronze</strong> <br /><strong>Lowest service impact</strong></p>\n<p><strong>New Generation EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">c2c – Class 357</a></p>\n<p><strong>New Generation DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Greater Thameslink Railway Class 171</a></p>\n<p><strong>Intercity</strong><br /><a href=\"https://www.porterbrook.co.uk/news/28_jan_16.php?s=2016-01-28-winners-again-at-the-golden-spanner-awards-2015\" title=\"Wildcard\">Great Western Railway- HST</a></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1367,4035,1,'Porterbrook Appoints New Chairman','2019-11-05 15:22:44','2019-11-05 15:22:45','631fa8fe-4e8c-4443-a4cb-03e1486f9baa',NULL,'<p>Porterbrook Leasing is pleased to announce that Phil White has been appointed as the Company’s new Chairman and he will be joining the Board on 26 April 2016. He takes over from Alan Lewis who has been Chairman for seven and half years.</p>\n\n<p>Phil is a Chartered Accountant and has considerable experience in the Transport Sector including ten years as CEO of National Express.</p>\n<p>Paul Francis, Managing Director, Porterbrook said “Alan has been Chairman for a number of years and I would like to thank him for his support and contribution over this period. I am looking forward to welcoming Phil onto the Board and working with him; his wealth of experience will be an invaluable asset to us.”</p>\n<p>Phil White said “I am very pleased to be taking on the role of Chairman of Porterbrook. The company has an important role to play in the UK rail industry and I look forward to working with members of the Board to help take the business forward.”</p>\n<p>Phil is also Chairman of Lookers plc, Unite Group, Kier Group and Vantage Motor Group.</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,300 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1368,4036,1,'Fiona Malcolm Wins Young Rail Professional Of The Year','2019-11-05 15:22:45','2019-11-05 15:22:46','da4d1cf4-1d3a-4ca8-a5bc-6478632df3b8',NULL,'<p>Fiona Malcolm was announced as the ‘Young Rail Professional of the Year 2016’ at the YRP Dinner on Friday 8th April 2016.</p>\n\n<p>Fiona joined Porterbrook in September 2012 with a MEng (Hons) in Mechanical Engineering and has since followed Porterbrook’s IMechE accredited Monitored Professional Development Scheme. On completion of her initial training, Fiona was appointed as Fleet Engineer with responsibility for Porterbrook’s fleets on lease to Northern Rail.</p>\n<p>The award was given in front of over 300 rail professionals at this year’s spectacular event at the National Railway Museum in York.</p>\n<p>Fiona was praised for going above and beyond what is expected of someone at an early stage in her career, in particular with regards to inspiring and supporting other young people to develop themselves. This is demonstrated by her work in organising the IMechE Railway Division Developing Engineers seminar and promoting Porterbrook at iRail and Big Bang fairs. The judging panel, consisting of rail industry representatives from the YRP committee, CPC Project Services, WSP Parsons Brinckerhoff and Arriva, were impressed by the range of nominees and their ambition and enthusiasm for their careers.</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of over 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,000 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1369,4037,1,'Porterbrook Announces The Purchase Of Additional Class 387s','2019-11-05 15:22:46','2019-11-05 15:22:47','6dae25ca-93c3-4f3e-b989-a6ec564575ff',NULL,'<p>Porterbrook Leasing announces its purchase of an additional 92 Class 387 Electrostar vehicles from Bombardier Transportation for Great Western Railway.</p>\n<p>The vehicles will be built at Bombardier’s Derby site and delivery of the vehicles will commence from April 2017, with full delivery to be taken by October 2017.</p>\n<p>Having supported the Department for Transport’s aspiration for the rolling stock market to invest in new vehicles to satisfy increasing capacity requirements in the near and medium term, Porterbrook’s previous order in October 2015 of 80 vehicles will be split, as previously announced, with 24 vehicles being delivered to the Essex Thameside franchise for c2c and the remaining 56 vehicles going to GWR.</p>\n<p>GWR will now therefore benefit from a brand new fleet of 180 vehicles (inclusive of the 32 vehicles already in build), in GWR livery, in readiness for the Thames Valley services. These new trains will be in 4-car formation, able to run at 110mph and offering to the passenger the highest level of comfort and features.</p>\n<p>With this investment, Porterbrook demonstrates its support to the aspirations of the rail industry and the Department for Transport to alleviate the capacity pinch points in the network and provide Britain with a sustainable, world-class transport system.</p>\n<p>Porterbrook would like to thank its customers, namely c2c and GWR for their confidence in its ability to deliver the introduction of a new fleet in partnership with Bombardier Transportation.</p>\n<p>This latest acquisition, added to the recent order of 80 class 387 vehicles last October, the existing fleet of 224 vehicles delivered to the TSGN franchise and the 32 vehicles currently on build and soon to be delivered to the Great Western franchise, reaffirms Porterbrook’s investment strategy in commuter multiple units and its long term confidence in Bombardier’s Electrostar platform.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1371,4039,1,'Porterbrook Announces The Purchase Of Additional Class 387s','2019-11-05 16:46:48','2019-11-05 16:46:49','2eb9987a-9f27-4d92-ac15-66d97fbad5cd',NULL,'<p>Porterbrook Leasing announces its purchase of an additional 92 Class 387 Electrostar vehicles from Bombardier Transportation for Great Western Railway.</p>\n\n<p>The vehicles will be built at Bombardier’s Derby site and delivery of the vehicles will commence from April 2017, with full delivery to be taken by October 2017.</p>\n<p>Having supported the Department for Transport’s aspiration for the rolling stock market to invest in new vehicles to satisfy increasing capacity requirements in the near and medium term, Porterbrook’s previous order in October 2015 of 80 vehicles will be split, as previously announced, with 24 vehicles being delivered to the Essex Thameside franchise for c2c and the remaining 56 vehicles going to GWR.</p>\n<p>GWR will now therefore benefit from a brand new fleet of 180 vehicles (inclusive of the 32 vehicles already in build), in GWR livery, in readiness for the Thames Valley services. These new trains will be in 4-car formation, able to run at 110mph and offering to the passenger the highest level of comfort and features.</p>\n<p>With this investment, Porterbrook demonstrates its support to the aspirations of the rail industry and the Department for Transport to alleviate the capacity pinch points in the network and provide Britain with a sustainable, world-class transport system.</p>\n<p>Porterbrook would like to thank its customers, namely c2c and GWR for their confidence in its ability to deliver the introduction of a new fleet in partnership with Bombardier Transportation.</p>\n<p>This latest acquisition, added to the recent order of 80 class 387 vehicles last October, the existing fleet of 224 vehicles delivered to the TSGN franchise and the 32 vehicles currently on build and soon to be delivered to the Great Western franchise, reaffirms Porterbrook’s investment strategy in commuter multiple units and its long term confidence in Bombardier’s Electrostar platform.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1372,4040,1,'Abellio ScotRail Class 170 Refurbishment','2019-11-05 16:46:49','2019-11-05 16:46:50','04486406-1175-4f2f-97bd-2a4aaf572cc1',NULL,'<p>Porterbrook Leasing’s Class 170 units on lease with Abellio ScotRail are currently undergoing a £7m refurbishment programme at Wabtec Rail Scotland, upgrading passenger facilities on a total of 17 x 3 Car units.</p>\n<p>Transport Scotland specified that ScotRail should invest in new and refurbished rolling stock and Abellio, Porterbrook and Wabtec are working together to deliver an enhanced class 170 fleet. These currently operate across the main inter-city routes linking the 7 Scottish Cities as well as many central belt suburban routes.</p>\n<p>The units are receiving an internal refurbishment programme, plus a heavy overhaul to all door equipment and air conditioning systems. On-train facilities are being upgraded by the provision of powers sockets throughout the units. The opportunity is also being taken to introduce the latest Saltire interior branding to the vehicles, including all new carpets, vehicle side panels, seat covers and curtains giving an improved travel experience.</p>\n<p>The units are being fitted with higher quality replacement saloon CCTV and a new forward facing CCTV system, which will provide enhanced passenger security and will record images of the track and line side area from the drivers cab.<br />\nWith the programme at the half way point, the seventh unit to be completed, 170407, carries the British Transport Police external livery, promoting the 61016 text service, sponsored by Transport Scotland.</p>\n<p>To mark this milestone, Transport Scotland’s Chief Executive, Roy Brannen, visited Wabtec Rail Scotland to view unit 170407 in its final phase of completion.<br />\nHe said “It was great to visit Wabtec Rail Scotland to see the excellent progress being made on this refurbishment programme that will bring benefits to passengers through improved comfort and security. The newly wrapped train looks good and it also promotes a campaign which will make a difference to rail travellers all across the country.</p>\n<p>This type of refurbishment is not only meeting our aspirations for improved passenger experience, it also supports investment in local jobs.”</p>\n<p>Olivier André, Porterbrook’s Commercial Director, said “Along with other fleet improvement programmes, Porterbrook and Abellio ScotRail are working towards a better, more reliable and safer railway in Scotland and we are pleased to support Transport Scotland and British Transport Police with such a worthwhile livery.”</p>\n<p>Angus Thom, engineering director at ScotRail, said: “The 170s are popular with customers and these additional enhancements, including power points and upgraded surroundings, are most welcome.”</p>\n<p>Images show Transport Scotland being shown around Wabtec Rail Scotland, Kilmarnock, by representatives of Wabtec and Porterbrook Leasing.</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of over 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,000 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1373,4041,1,'It’s Time To Tackle Leaves On The Line...','2019-11-05 16:46:50','2019-11-05 16:46:51','c991a288-ca39-4347-9898-7d337ae064cd',NULL,'<p>…with a new innovation from Porterbrook, SNC-Lavalin, Knorr Bremise Rail Services, Loram and Abellio East Anglia</p>\n<p>The Class 15x fleet of trains was built in the 1980s when wheel slide protection systems were not fitted as standard. As a result, the trains suffer wheel damage during the autumn leaf fall season. Leaf fall is widely recognised as a problem within the rail sector, causing delays, a lack of availability of trains for passenger service and leading to longer stopping distances in some conditions.</p>\n<p>Porterbrook Leasing owns around 250 Class 15x vehicles, so was keen to find a solution to the problem. By working in collaboration with SNC-Lavalin, Knorr Bremse Rail Services (KBRS), Loram and Abellio East Anglia, a new design of wheel slide protection was developed for the UK. The project was a team effort; Porterbrook acted as lead organisation; KBRS supplied and adapted the equipment to ensure the design was suitable for the application; SNC-Lavalin led the system integration to the existing vehicles and Loram carried out the installation of the first in class unit. The train operator, Abellio East Anglia supported the dynamic testing.</p>\n<p>The project team was set the ambitious target of getting one unit into service in time for leaf fall 2016, allowing only four months from concept design to final testing. KBRS’ latest generation wheel slide protection system (MGS3) had been used on high speed trains elsewhere in Europe, but it was a new product to the UK market and had never before been fitted to tread braked vehicles.</p>\n<p>The first unit performed well and the system activated multiple times when slippery tracks were encountered - similar to an anti-lock brake on a car - automatically managing the train traction and braking systems, preventing serious damage to the wheels. This first unit remained in service throughout the autumn period, unlike similar Class 15Xs which had to be stopped for wheel reprofiling. Plans are now being developed to roll out the installation to the remainder of Porterbrook’s fleets.</p>\n<p>Colin Dobson, the Engineering Director at Abellio East Anglia, comments: \"The WSP system installed on the 156 provided a critical capability during our most operationally vulnerable and challenging period. We were also able to gather invaluable comparative data to show how the system both added operational resilience and protected service levels.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1374,4042,1,'Winners Again At The Golden Spanner Awards 2016','2019-11-05 16:46:51','2019-11-05 16:46:52','9a93fd32-4840-4086-b2f4-feb763dfdb2d',NULL,'<p>The winners of the annual Modern Railways Golden Spanner Awards were announced at the Fourth Friday Club meeting held on Friday 25th November.</p>\n<p>The awards celebrate the efforts of train maintenance teams, depots and rolling stock leasing companies for train reliability.</p>\n<p>This year Porterbrook picked up a total of 8 of the 16 available awards.</p>\n<p>Porterbrook strives to consistently get the best out of its rail vehicle portfolio for the satisfaction of its customers and the travelling public and these results reinforce Porterbrook’s reputation as industry leader on fleet performance.</p>\n<p>We would like to thank our partners and customers for their contribution in achieving this success.</p><p><strong>Gold</strong> <br /><strong>Most reliable fleet</strong></p>\n<p><strong>Ex BR EMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">South West Trains – Class 455</a></p>\n<p><strong>Ex BR DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">South West Trains – Class 159/0</a></p>\n<p><strong>Intercity</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">Greater Anglia - Mk3/90/DVT</a></p>\n<p><strong>Wildcard</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">Virgin Trains East Coast - HST</a></p><p><strong>Silver</strong> <br /><strong>Most improved fleet</strong></p>\n<p><strong>Ex BR DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">Northern - Class 155</a></p>\n<p><strong>Ex Generation DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">South West Trains - Class 458/5</a></p><p><br /></p><p><strong>Bronze</strong> <br /><strong>Lowest service impact</strong></p>\n<p><strong>New Generation DMU</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">Greater Thameslink Railway - Class 171</a></p>\n<p><strong>Intercity</strong><br /><a href=\"https://www.porterbrook.co.uk/news/22_dec_16.php?s=2016-12-22-winners-again-at-the-golden-spanner-awards-2016\" title=\"Wildcard\">Great Western Railway- HST</a></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1375,4043,1,'Porterbrook And Northern To Introduce Bi-mode Class 319 Flex Trains','2019-11-05 16:46:52','2019-11-05 16:46:52','c5158ae7-66b6-4500-9cbb-a3af92fb6c3d',NULL,'<p>Working with the Rail North Partnership, to support a growing railway in the north, Porterbrook and train operator Northern, part of the Arriva Group, are jointly developing a highly innovative rolling stock concept.</p>\n\n\n<p>Porterbrook Leasing is pleased to announce that it has committed to deliver to Northern, a variant of a Class 319 electric train which is able to operate seamlessly over electrified and non-electrified routes, spreading the benefits of electrification to more rail users. The project is supported by Rail North, representing local authorities in the north of England.</p>\n<p>The Class 319 Flex concept is designed to create a bi-mode train by fitting two diesel-powered alternators, one under each of the driving trailer cars. The diesel alternators provide power to the existing traction and auxiliary equipment to allow the EMU to operate without an overhead or 3rd rail supply. The systems will provide power through the train’s DC bus, avoiding any significant changes to the existing equipment and creating a unit capable of operating from a number of different power sources whilst maintaining its full capabilities on electrified routes.</p>\n<p>From inception, the concept for the Class 319 Flex was developed to minimise alterations to the existing vehicle design, and hence kept the cost of conversion to an attractive level. The design also has provision to cater for a range of operations, either as an alternative to existing DMUs or offering more performance if required through the fitment of additional batteries for non-electrified operations.</p>\n<p>Zena Dent, Projects &amp; Technical Director for Porterbrook said “The highly innovative Class 319 Flex will be a flexible and highly efficient unit that will provide operators with a ‘go anywhere’ train, something which is not currently available with any other rolling stock solution.”</p>\n<p>David Hoggarth, Rail North Director, said “We are very pleased to work together with rail industry partners to support the development of this innovative rolling stock solution that will contribute to the transformation of rail services currently underway in the north of England, helping to support economic growth.” Concept design work is now complete and work has started with Wabtec/Brush on the detailed design phase of the project.</p>\n<p>The first units will be in passenger service with train operator Arriva Northern by spring 2018 and from then on will be available to a wide range of operators who will be able to make full use of electrically powered rolling stock on partially electrified routes.</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,300 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,000 new passenger vehicles and more than 1,500 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1376,4044,1,'Porterbrook Successfully Completes RISAS Reaccreditation','2019-11-05 16:46:53','2019-11-05 16:46:53','5b72af09-0de2-42f3-bdf9-fd90a48f0bcc',NULL,'<p>Porterbrook which owns and manages a large portfolio of rail assets has successfully completed RISAS reaccreditation and has been certified for the maximum period of 3 years.</p>\n\n<p>The Railway Industry Supplier Approval Scheme (RISAS) is a proven, reliable way for the rail industry to assess and approve critical product suppliers, supported by the safety regulator. RISAS also provides assessment and certification for suppliers of critical products and services, on behalf of the whole GB mainline rail industry.</p>\n<p>The train continues to become an even more popular transport mode. In 2013-14, the mainline railway saw nearly 1.6 billion passenger journeys made and over 115 million tonnes of freight carried. Maintaining the safety and reliability of trains to make this happen is critical, and relies on suppliers and customers both having a lucid appreciation of the risks, and a proven capability to manage them.</p>\n<p>Neil Foster, Fleet &amp; Standards Director at Porterbrook commented “We are proud to have achieved RISAS reaccreditation as a provider of heavy maintenance and modification services, demonstrating our professional approach to operations management.”</p>\n<p>The assessment was undertaken by Railway Approvals Limited as a Rail Industry Supplier Approval Body (RISAB), accredited by RSSB. For further information, go to <a href=\"http://risas.co.uk/\" target=\"_blank\" title=\"www.risas.co.uk\" rel=\"noreferrer noopener\">www.risas.co.uk</a></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1377,4045,1,'Porterbrook Appoints New Non Executive Director','2019-11-05 16:46:53','2019-11-05 16:46:54','0f26c2a4-dbaa-4548-b6df-ab140b9484a5',NULL,'<p>Porterbrook Leasing is pleased to announce that Andy Pitt has been appointed as the Company’s new Non-Executive Director and he will be joining the Board on 1 May 2017.</p>\n<p>Andy is a business leader with over 30 years experience in rail. He was part of OPRAF at rail privatisation that led both the franchising programme and the specification of rolling stock requirements in the first generation franchises. From 1997 onwards he was a key Executive within Stagecoach and South West Trains. He led business development and franchised bids for Stagecoach and was Managing Director for the South West Trains franchise from 2009 to 2012. Latterly Andy has been Executive Chairman of Cross London Trains which is procuring and leasing new rolling stock for the operator of the Thameslink franchise. In addition Andy is also a Non-Executive Director of Transport Systems Catapult which promotes and facilitates the development of new transport market technologies.</p>\n<p>Phil White, Chairman, Porterbrook said “I am delighted to welcome Andy onto the Board and look forward to working with him; his wealth of experience will be an invaluable asset to us. Andy has been a key figure in the railway since privatisation in the 1990’s and his leadership experience of both franchise bids and operational delivery will provide significant advantage to the Management team and the Board. ”</p>\n<p>Andy Pitt said “I am very pleased to be taking on the role of Non-Executive Director of Porterbrook. The company has a very important role to play in the UK rail industry and I look forward to working with the Chairman, Shareholders and Porterbrook Management to help take the business forward.”</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,300 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1378,4046,1,'Porterbrook Appoints new Non Executive Director','2019-11-05 16:46:54','2019-11-05 16:46:55','a780cf76-7904-4acf-a52e-94416994ce13',NULL,'<p>Porterbrook Leasing is pleased to announce that Andy Pitt has been appointed as the Company’s new Non-Executive Director and he will be joining the Board on 1 May 2017.</p>\n\n<p>Andy is a business leader with over 30 years experience in rail. He was part of OPRAF at rail privatisation that led both the franchising programme and the specification of rolling stock requirements in the first generation franchises. From 1997 onwards he was a key Executive within Stagecoach and South West Trains. He led business development and franchised bids for Stagecoach and was Managing Director for the South West Trains franchise from 2009 to 2012. Latterly Andy has been Executive Chairman of Cross London Trains which is procuring and leasing new rolling stock for the operator of the Thameslink franchise. In addition Andy is also a Non-Executive Director of Transport Systems Catapult which promotes and facilitates the development of new transport market technologies.</p>\n<p>Phil White, Chairman, Porterbrook said “I am delighted to welcome Andy onto the Board and look forward to working with him; his wealth of experience will be an invaluable asset to us. Andy has been a key figure in the railway since privatisation in the 1990’s and his leadership experience of both franchise bids and operational delivery will provide significant advantage to the Management team and the Board. ”</p>\n<p>Andy Pitt said “I am very pleased to be taking on the role of Non-Executive Director of Porterbrook. The company has a very important role to play in the UK rail industry and I look forward to working with the Chairman, Shareholders and Porterbrook Management to help take the business forward.”</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,300 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1379,4047,1,'Innovative New Train Braking System Wins ‘Engineering & Safety Award’ At The Railway Industry Innovation Awards','2019-11-05 16:46:55','2019-11-05 16:46:56','2020c535-1f76-4e09-8f3b-28f6e289c0a5',NULL,'<p>Porterbrook Leasing, SNC-Lavalin, Loram UK, Knorr Bremse Rail Services (KBRS) and Greater Anglia received the Engineering &amp; Safety Award at the prestigious Railway Industry Innovation Awards for a new design of wheel slide protection system which has been successfully demonstrated on Greater Anglia’s Class 156 diesel multiple units. The project was an international team effort with all companies working in collaboration. Porterbrook acted as lead organisation, co-ordinating the team; KBRS supplied and adapted the equipment to ensure the design was suitable for the application including thoroughly testing and simulating different leaf fall conditions; SNC-Lavalin led the design integration to the existing vehicles and Loram UK supported SNC-Lavalin with the prototype installation, known as the ‘First in Class’ unit. Train operator, Greater Anglia, supported dynamic testing of the First in Class unit and then operated the unit in passenger service during the autumn 2016 leaf fall period. The First in Class unit, 156419, has been in operation since October 2016 and continues to perform very well in service, providing full confidence in the wheel slide protection system and demonstrating the benefits that would be realised from applying this enhancement to Class 150, 153, 155 and 156 units. Neil Foster, Fleet &amp; Standards Director, Porterbrook said “This is a great achievement and congratulations to the whole project team for their efforts. The First in Class unit demonstrated a significant improvement in braking performance during last autumn and I am pleased to confirm that we will be implementing this upgrade on Porterbrook’s Class 156 fleets at both Greater Anglia and East Midlands Trains before autumn 2017. We are working with the industry to explore whether opportunities exist for the wheel slide protection system to be more widely adopted across the Class 150, 153, 155 and 156 fleet base.”</p>\n\n<p>Paul Goodhand, Managing Director of Knorr-Bremse Rail UK commented said, \"We are very pleased to be part of the Award winning team and delighted with the outcome of the project. Working with, and in support of, our customers to provide solutions which support their business and keep their trains running is exactly what we are about. My congratulations go to the joint team for developing this performance enhancement which many said couldn’t be done.\"</p>\n<p>Jason Groombridge, UK Rolling Stock Director for SNC-Lavalin said “We are delighted to be part of this collaborative project. It has been a real team effort, as each of the companies involved has contributed unique skills and expertise. As market leaders in rail vehicle modifications, we are excited to support the rollout of this innovative upgrade.” Andy Houghton Commercial Director for Loram UK said “Loram UK are really pleased to be part of the winning team for this award. The project was a real demonstration of how a collaborative approach can work. The results the system produced are outstanding and will bring a real benefit to the industry. We look forward to making this project a continued success.” Greater Anglia’s Norwich Depot Technical Manager, Jason Mills, said, “We are absolutely delighted to receive this recognition for an innovative solution and industry first by the teams at Norwich Crown Point, Porterbrook, KBRS, SNC-Lavalin and Loram UK Ltd, taking a class of train that some thought incompatible with WSP and creating a bespoke system that has surpassed everyone’s expectations. This investment means that these trains will be more reliable as they will not need to be taken out of service as often to visit the wheel lathe, and is a further investment to improve our passengers’ experience.”</p>\n<p>Photo attached separately (L-R Richard Gardner, SNC-Lavalin; Rob Purdy, SNC-Lavalin; Paul Jolly, Loram UK; Paul Wilson, SNC-Lavalin; Tony Parker, KBRS; Chris Baker, Porterbrook; Helen Simpson, Porterbrook. Front Centre Jason Groombridge, SNC-Lavalin &amp; Alex Greig, Porterbrook).</p>\n<p>Notes to Editors: Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading player in the rail leasing market and has a rolling stock fleet of around 5,500 vehicles on lease or on order, which includes over 4,300 passenger vehicles. Porterbrook has been highly successful in winning new train orders since privatisation, investing in over 2,000 new passenger vehicles and more than 1,500 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services. In October 2014 the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1380,4048,1,'Porterbrook Announces CEO Paul Francis To Retire','2019-11-05 16:46:56','2019-11-05 16:46:57','cf14f089-eed0-43a9-83a9-981002276b85',NULL,'<p>After over twenty years with Porterbrook Paul Francis announces today that it is his intention to retire from his position as CEO of the Company. Paul will work with the Chairman, Phil White, and the shareholders in the coming months to manage a smooth transition for a new CEO.</p>\n<p>Paul commented “I have had a fantastic journey working for Porterbrook since 1996. I have been blessed and privileged to work with some great people over the years in the rail industry. There have been many strong relationships forged and this has been very rewarding for me personally. My view is the time is now right for someone with a new perspective and a new injection of energy to take the company forward in partnership with the shareholders. I have no immediate date for leaving Porterbrook as I will be working very closely with both the Chairman and our shareholders in the coming months as we appoint a successor as CEO.”</p>\n<p>Chairman, Phil White, commented “I have enjoyed working with Paul in the last eighteen months since my appointment as Chairman. Paul is greatly respected in the industry and everyone recognises the success he has had at Porterbrook in the last twenty one years. The shareholders and I wish Paul the very best in the future.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1381,4049,1,'Porterbrook Appoints New Chief Executive Officer','2019-11-05 16:46:57','2019-11-05 16:46:57','df4cdea3-405b-4e0b-8b2b-40b7b286ff22',NULL,'<p>Porterbrook Leasing has confirmed the appointment of Mary Grant as its new chief executive officer. Mary will be joining the company and its board on 13 September 2017. She takes over from Paul Francis, the retiring CEO who has been with Porterbrook for over 20 years.</p>\n<p>Mary has over 20 years’ experience working in the UK and international transport sector including senior roles at FirstGroup, National Express and Eurostar International.</p>\n<p>Phil White, chairman of Porterbrook said: “Mary has an excellent reputation within the transport sector and I am looking forward to working with her and welcoming her onto the board. Mary’s experience and knowledge of the industry will be a great asset to the company.”</p>\n<p>Mary Grant said: “It is an exciting time to be joining Porterbrook and I look forward to working with the chairman, board, shareholders and employees to create a new vision for the company, help drive and support business growth within the UK rail industry and deliver value to Porterbrook’s existing and future customers.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1382,4050,1,'Porterbrook Announces CFO Will Day To Leave At The End Of The Year','2019-11-05 16:46:57','2019-11-05 16:46:58','cc34dcb2-cd47-48d6-b1a6-9130fcb09c11',NULL,'<p>Will Day has announced his intention to leave the business to pursue other opportunities. Will commented, “I have thoroughly enjoyed my time at Porterbrook and am very proud of being part of the success achieved over the years. However, after 11 years the time felt right to seek a fresh challenge. I will be staying with the business until the end of the year to assist Mary and the Board and ensure a smooth handover to my successor.” CEO, Mary Grant commented, “I have enjoyed working with Will since my appointment. He has made a tremendous contribution to the business over the years and I wish him the very best in the future.” Peter Coates, previously Managing Director, National Express Group Bus Division, will take up the role of CFO from 6 November 2017.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1383,4051,1,'c2c Signs Deal For 60 Aventra Carriages From 2021','2019-11-05 16:46:58','2019-11-05 16:46:59','caf56c02-af30-4f9f-83f7-7cd6e76d0001',NULL,'<p>c2c passengers will benefit from thousands of extra seats within the next four years thanks to a £100m+ deal for new trains signed by Trenitalia c2c, Bombardier and Porterbrook and agreed with the Department for Transport.</p>\n<p>The deal will see 60 Bombardier Aventra carriages delivered to c2c from summer 2021 – up to three years earlier than previously planned. The new fleet will add nearly 20% more seats and capacity for over 5,000 more passengers to c2c’s current fleet and meet the expected future local passenger growth across south Essex and east London.</p>\n<p>The Aventra is one of the fastest-selling trains in the UK rail industry, and these new trains will be manufactured at Bombardier’s factory in Derby. Each new train will operate in a fixed set of 10-carriages, and will include over 900 seats, plus air-conditioning, Wi-Fi, plug sockets and three toilets onboard. Each new Aventra carriage will be five metres longer than c2c’s current Class 357 Electrostars, and each 10-carriage Aventra set will provide capacity for 15% more passengers onboard compared to a 12-carriage 357.</p>\n<p>The delivery programme for new trains has been accelerated by c2c following its acquisition by Italian rail giants Trenitalia earlier this year. The entire new fleet is scheduled to be delivered from summer 2021, instead of c2c’s original franchise plan which included a phased delivery in 2019, 2022 and 2024.</p>\n<p>Trenitalia UK Managing Director Ernesto Sicilia said: “We are delighted to announce this deal, which demonstrates our focus on long-term investments in the UK market and our desire to constantly improve the standing of our trains and to deliver visible and valuable improvements on our services. Since our entrance in the UK market the original new trains’ investment plan, which included a phased delivery from 2019 to 2024, has been accelerated overall and we are extremely proud that the new fleet will start to be delivered from summer 2021, 3 years earlier than what was originally planned.”</p>\n<p>Rail Minister Paul Maynard said: “We are making the biggest investment in the railways since Victorian times to meet the growing demand for rail travel and improve both journey times and passenger comfort. These British-built Bombardier trains, which are coming into service earlier than</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1385,4058,1,'Credit Rating and Financing','2019-11-05 16:47:02','2019-11-05 16:47:03','b37691d1-c779-4a79-8f55-063b95ac75c9','standard',NULL,NULL,NULL,NULL,NULL,'{\"bundleVersion\":\"1.0.22\",\"sourceBundleType\":\"field\",\"sourceId\":null,\"sourceName\":null,\"sourceHandle\":null,\"sourceType\":\"field\",\"sourceTemplate\":\"\",\"sourceSiteId\":null,\"sourceAltSiteSettings\":[],\"sourceDateUpdated\":\"2019-03-21T10:02:47+00:00\",\"metaGlobalVars\":{\"language\":null,\"mainEntityOfPage\":\"\",\"seoTitle\":\"\",\"siteNamePosition\":\"\",\"seoDescription\":\"\",\"seoKeywords\":\"\",\"seoImage\":\"\",\"seoImageWidth\":\"\",\"seoImageHeight\":\"\",\"seoImageDescription\":\"\",\"canonicalUrl\":\"\",\"robots\":\"\",\"ogType\":\"\",\"ogTitle\":\"{seomatic.meta.seoTitle}\",\"ogSiteNamePosition\":\"\",\"ogDescription\":\"{seomatic.meta.seoDescription}\",\"ogImage\":\"\",\"ogImageWidth\":\"\",\"ogImageHeight\":\"\",\"ogImageDescription\":\"{seomatic.meta.seoImageDescription}\",\"twitterCard\":\"\",\"twitterCreator\":\"\",\"twitterTitle\":\"{seomatic.meta.seoTitle}\",\"twitterSiteNamePosition\":\"\",\"twitterDescription\":\"{seomatic.meta.seoDescription}\",\"twitterImage\":\"\",\"twitterImageWidth\":\"\",\"twitterImageHeight\":\"\",\"twitterImageDescription\":\"{seomatic.meta.seoImageDescription}\"},\"metaSiteVars\":{\"siteName\":\"Porterbrook\",\"identity\":null,\"creator\":null,\"twitterHandle\":\"\",\"facebookProfileId\":\"\",\"facebookAppId\":\"\",\"googleSiteVerification\":\"\",\"bingSiteVerification\":\"\",\"pinterestSiteVerification\":\"\",\"sameAsLinks\":[],\"siteLinksSearchTarget\":\"\",\"siteLinksQueryInput\":\"\",\"additionalSitemapUrls\":[],\"additionalSitemapUrlsDateUpdated\":null,\"additionalSitemaps\":[]},\"metaSitemapVars\":{\"sitemapUrls\":true,\"sitemapAssets\":true,\"sitemapFiles\":true,\"sitemapAltLinks\":true,\"sitemapChangeFreq\":\"weekly\",\"sitemapPriority\":0.5,\"sitemapLimit\":null,\"structureDepth\":null,\"sitemapImageFieldMap\":[],\"sitemapVideoFieldMap\":[]},\"metaContainers\":{\"MetaTagContainergeneral\":{\"data\":[],\"name\":\"General\",\"description\":\"General 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Policies','2019-11-05 16:47:03','2019-11-05 16:47:04','178748cc-ced9-4f13-b2c2-05dacc94c033',NULL,'<h2 id=\"people\">People</h2>\n<p>Porterbrook is an equal opportunities employer; the company recognises employing people from diverse backgrounds adds value to the way Porterbrook does business.</p>\n<p>Selection and promotion is based on the relevant aptitudes, abilities and skills to do the job. Porterbrook values its employees and invests in training, provided via its Training and Development Manager or on externally led courses. Training is available to all, based on assessments of personal development and business competency needs.</p>\n<p>Porterbrook seeks to communicate regularly with its employees. In addition to informal daily interactions Porterbrook also holds quarterly staff forums, and encourages voluntary participation in focus groups. Porterbrook recognises the need for work/life balance and offers a range of flexible working and leave options.</p>\n<h2 id=\"safety\">Safety</h2>\n<p>The safety policy of the Porterbrook Group is to provide safe and healthy working conditions for all our employees and to provide appropriate training as needed to enable the fulfilment of these aims.</p>\n<p>As a provider and maintainer of vehicles and other equipment for operation in the transport sector, we fully recognise the extent of our responsibilities to all those people who may be affected by our business activities, and therefore have arrangements in place for the effective discharge of our obligations for the provision of safe vehicles and equipment.</p>\n<p>Porterbrook supplies trains and other equipment for use in the operational railway. It exercises due diligence in the supply of these products, monitors safety performance in service and, in appropriate cases, advises customers or suppliers of relevant safety issues.</p>\n<p>Porterbrook supports its customers by understanding applicable safety standards and co-operating with those customers in providing information where this is relevant to the operation of the asset. Information exchange on relevant safety matters also takes place with Porterbrook’s suppliers. Porterbrook procures its goods and services via contracts and these contracts are fundamental to the way in which safety is delivered.</p>\n<p>The elements of this approach that assure the delivery of safety are:</p>\n<ul><li>To select and manage suppliers, ensuring that they are both competent to perform the task and that they fully understand their safety obligations</li><li>To provide specifications and procedures which are clear and unambiguous</li><li>To implement effective management of ongoing activities</li><li>To implement effective management of change</li><li>To carry out relevant checks and audits</li></ul><p> </p>\n<h2 id=\"environment\">Environment</h2>\n<p>Porterbrook is committed to maintaining and improving the environment by using and specifying products and technologies that are sustainable in the long term.</p>\n<p>To fulfil its sustainable and environmental objectives, Porterbrook will concentrate its efforts to ensure that in its business activities it seeks to:</p>\n<ul><li>Reduce its impact through the assessment and control of waste generated by the operation of the Company’s assets or the conduct of its business.</li><li>Identify and implement measures to minimise the dependency on fossil fuels for the operation of the business</li><li>Identify and implement arrangements to optimise the performance of the asset base to minimise the effects caused by noise, vibration and electromagnetic interference.</li><li>Ensure the Company’s suppliers have similar policies as part of the accreditation process.</li></ul><h2 id=\"antislavery\">Anti Slavery</h2>\n<p>Modern Slavery and Human Trafficking Statement for</p>\n<p>Porterbrook Holdings I Limited<br />Porterbrook Holdings II Limited <br />The Porterbrook Partnership <br />Porterbrook Rail Finance Limited<br />Porterbrook Leasing Mid Company Limited <br />Porterbrook Leasing Company Limited <br />Porterbrook Maintenance Limited <br />Porterbrook Leasing Asset Company Limited</p>\n<p>(“Porterbrook”) for 2017 financial year</p>\n<p>This statement is made pursuant to s.54 of the Modern Slavery Act 2015 (“Modern Slavery Act”).</p>\n<p>We are committed to doing all that we can to combat slavery and human trafficking and we realise that slavery and human trafficking can occur in many forms, such as forced labour, child labour, domestic servitude and workplace abuse (“Modern Slavery”).</p>\n<p>We have a zero tolerance approach to Modern Slavery and this statement sets out the steps that Porterbrook has undertaken, and is continuing to take, to ensure that Modern Slavery is not taking place within our business or supply chain.</p>\n<h3>Our organisation</h3>\n<p>The Porterbrook group operates in the United Kingdom, specialising in the leasing of all types of railway rolling stock and associated equipment. Not all legal entities within the group fall within the criteria defined in the Modern Slavery Act, but the policies and procedures in place to prevent Modern Slavery are common across all companies within the Porterbrook group. This statement is therefore made and is applicable to all companies within the Porterbrook group, as listed above.</p>\n<h3>Our policies</h3>\n<p>We operate a number of internal policies to help ensure that we are conducting business in an ethical and transparent manner. These include:</p>\n<ol><li>Anti-slavery and Human Trafficking policy. This policy reflects our commitment to acting ethically and with integrity in all our business relationships. The policy sets out the roles and responsibilities of Porterbrook employees in identifying any instances of Modern Slavery and how they should be acting on them. A link to this policy is here: <a href=\"{asset:176:url}\">Anti-slavery and Human Trafficking policy</a></li><li>Whistleblowing policy. This sets out the whistleblowing policy, so that all employees know that they can raise concerns about how colleagues are being treated, or practices within our business or supply chain, without fear of reprisals. A link to this policy is here: <a href=\"{asset:174:url}\">Whistleblowing policy</a></li><li>Code of Conduct for Suppliers. This code sets out the standard of behaviour expected of suppliers to our business. A link to this code is here: <a href=\"{asset:175:url}\">Code of Conduct for Suppliers</a></li><li>Code of Practice. This is a voluntary code setting out Porterbrook’s business philosophy and the company’s core working values. A link to this code is here: <a href=\"#code\">Code of Practice</a></li></ol><h3>Risk Assessments</h3>\n<p>We have undertaken stringent risk assessments of slavery and human trafficking within Porterbrook’s supply chain, as well as within our own operations.</p>\n<p> <br />For our own operations, we considered: the location of our operations, the roles being performed, the recruitment processes and the absence to date of reports of concerns regarding slavery and human trafficking. We also undertake “right to work” checks on all of our employees prior to them commencing their role. This includes checking, where applicable, that the employee has a valid work visa and is of an appropriate age to work. Based on these risk assessments, we deem the risk of human trafficking occurring within our employee population (including our agency and contract staff under our direct supervision) to be low.<br /><br />For our suppliers, the risk assessment includes mapping out our supply chains to assess particular industry and geographical risks to cover the entire scope of Porterbrook’s operations. We considered the risks based on where our suppliers are based, the products and services being supplied and the volume of spend. We recognised that our biggest exposure to Modern Slavery would be in our supply chain so put in place systems to mitigate these risks.</p>\n<h3>Our suppliers</h3>\n<p>We conduct due diligence on all of our suppliers and have a rigorous supplier accreditation process before we approve them. Many of our suppliers hold international quality standards and accreditations and are regularly audited both by the issuing authorities and ourselves (or agents acting on behalf of Porterbrook) to ensure ongoing compliance to quality standards and regulatory requirements.</p>\n<p>Our due diligence process and commitment to ensuring transparency in our supply chain involves evaluating our active suppliers by considering their response to our supplier self-assessment questionnaire. The information that we require from the questionnaire includes:</p>\n<ol><li>whether they have a programme to ensure that forced labour does not exist in their operations and supply chain;</li><li>whether they work with third parties to identify the risks of slavery and human trafficking;</li><li>the number of suppliers they have (direct and indirect);</li><li>whether they have identified any instances of slavery in their supply chain;</li><li>whether they have a process to remediate abuses; and</li><li>whether their audits include specific provisions on slavery and human trafficking.</li></ol><p>In addition to the above, our supplier accreditation process requires all our suppliers to operate under our Code of Conduct for Suppliers and meet the minimum standards outlined in it. This includes that:</p>\n<ol><li>suppliers will adhere to minimum age provisions of applicable laws and regulations, including being proactive in ensuring wages, working hours and conditions are appropriate for the employee;</li><li>suppliers will not use forced, bonded, compulsory labour or servitude or any form of human trafficking;</li><li>suppliers will provide employees and workers with a central grievance procedure without fear of reprisals; and</li><li>suppliers must ensure their workers and employees receive training regarding compliance with our Code of Conduct for Suppliers.</li></ol><h3>Training</h3>\n<p>We conduct Modern Slavery training for all staff so that they are aware of the issues surrounding Modern Slavery and what to do if they suspect that it is taking place within our supply chain. All employees have been provided with a Modern Slavery briefing note on the Modern Slavery Act.</p>\n<p> </p>\n<h3>Approval for this statement</h3>\n<p>This statement was approved by the Board of Directors on 29 November 2018.</p>\n<p>Chris McClure</p>\n<p>Director &amp; Company Secretary 29 November 2018<br /></p>\n<h2 id=\"code\">Code of Practice</h2>\n<ol><li><a href=\"#foreword\">Foreword</a></li><li><a href=\"#introduction\">Introduction</a></li><li><a href=\"#areas-application\">Areas of Application</a></li><li><a href=\"#stock-available\">Stock Available for Lease and Disposal of Stock</a></li><li><a href=\"#releasing\">Re-leasing and Future Franchising Rounds</a></li><li><a href=\"#confidentiality\">Confidentiality</a></li><li><a href=\"#complaints\">Complaints and Contract</a></li><li><a href=\"#liability\">Liability and Insurance</a></li><li><a href=\"#arrangements\">Arrangements for Promoting, Reviewing and Changing the Code</a></li></ol><h3 id=\"foreword\">Foreword</h3>\n<h4>1. Background</h4>\n<p>1.1 In July 1998 the Government issued a White Paper which referred to and accepted the then Rail Regulator’s recommendation that rolling stock leasing companies should be asked to produce Codes of Practice covering their dealings with train operating companies. This Code of Practice (the \"Code\") has been prepared by Porterbrook Leasing Company Limited (\"Porterbrook\") in response to that recommendation and sets out our approach to the market and the manner in which our customers can expect to build constructive partnerships with us. The Code explains the basis on which our business practices are founded and indicates our understanding and support of the public interest objective of creating a safe, competitive and efficient rail industry which meets the needs of passengers.</p>\n<p>1.2 In July 2009 Porterbrook gave undertakings to the Competition Commission that it would remove the non-discrimination obligations from the Code, in accordance with the findings of the Competition Commission in the Final Report from its Rolling Stock Leasing Market Investigation.</p>\n<h4>2. Our Business Philosophy</h4>\n<p>2.1 We are in business to offer a full range of rolling stock leasing services tailored to meet our customers’ particular needs. We have a long term financial interest in the rolling stock that we own and a long term commitment to the industry.</p>\n<p>2.2 In fulfilling our role, our key business objectives are:</p>\n<p>-to provide a safe, reliable and efficient service that customers and passengers regard as good value for money; -to build long-term relationships with our customers; and -to show professionalism in all that we do.</p>\n<p>2.3 We will at all times seek to act fairly and to develop constructive relationships with all participants in the rail industry, including existing franchisees, potential new customers, other Rolling Stock Leasing businesses, the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and the Department for Transport or Transport Scotland.</p>\n<h4>3. Our Service Commitment</h4>\n<p>3.1 We aim to offer customers a full range of services covering, depending on customer requirements: the provision of operating leases; the management of new vehicle procurement; and the provision of maintenance services.</p>\n<p>3.2 We are committed to supporting our customers in their role of providing passengers with a safe, economically efficient and reliable railway service. In doing this we will:</p>\n<ul><li>act fairly and reasonably in all our dealings;</li><li>seek to respond to requests in a timely manner having regard to customer needs;</li><li>strive for continuous improvement in the reliability and quality of our rolling stock in so far as such matters are within our control;</li><li>engage in a regular dialogue with lessees regarding our current service performance and future plans;</li><li>invest in our existing rolling stock to maintain its commercial attractiveness where it is economic to do so;</li><li>accept performance and investment risks where it is appropriate and practical to do so; and</li><li>be a source of advice or guidance to our customers on rolling stock.</li></ul><h4>4. Safety</h4>\n<p>4.1 We are fundamentally committed to the provision of a safe and secure railway system and this is a key priority in respect of all our customer relationships.</p>\n<h4>5. Complaints Procedure</h4>\n<p>5.1 Any customer, or potential customer who believes that the terms of this Code have been breached, should in the first instance contact Stephen McGurk , the Compliance Officer for Porterbrook, at Ivatt House, Pinnacle Way, Derby, Pride Park, Derby DE24 8ZS .<br /></p>\n<h3 id=\"introduction\">Introduction</h3>\n<p>1.1 This Code establishes a behavioural framework for the conduct of passenger rolling stock leasing over the national railway network of Great Britain . It is designed to provide appropriate assurances for our customers whilst not unnecessarily restricting commercial activity in a rapidly changing market. We are committed to adhere to the provisions of this Code, under which all customers can expect to receive fair and reasonable treatment from this Rolling Stock Leasing Company (ROSCO). This Code is also designed to ensure that all contracts are entered into between customers and suppliers in a free and competitive environment.</p>\n<p>1.2 We will apply this Code in a manner which takes into account the interests of the Train Operating Companies (TOCs) and passengers whilst satisfying our requirement to secure a commercial return on investment. The Code establishes a general behavioural framework rather than a set of rigid rules, as the latter would inhibit the proper development of the market and, therefore, would not be in the interest of either passengers or the industry.</p>\n<h4>Fairness and reasonable terms</h4>\n<p>1.3 We will always seek to offer terms that are fair and reasonable and in accordance with this Code and under no circumstances will we abuse or seek to abuse any significant market power we may have as a result of the particular market conditions prevailing from time to time.</p>\n<p>1.4 In addition, we also accept the importance of behaving in a fair and reasonable manner at the time of franchise renewal and, to that end, we will not abuse any significant market power that we might enjoy at that time. We will offer quotes to potential franchise operators supported by the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, on a fair basis. Our dealings with potential franchise operators will be on a fair and reasonable basis.</p>\n<h4>Non-preferential treatment for vertically integrated companies</h4>\n<p>1.5 Where a customer is owned in whole or in part or controlled by this company or is directly or indirectly owned in whole or in part or controlled by a company which also owns or controls this company we will not give any preference to that customer, except on the basis of the factors outlined in this Code in paragraph 2.21, although in exceptional circumstances additional factors may be taken into account.</p>\n<h4>Enforceability and Compliance</h4>\n<p>1.6 The Code must be seen in the context of the legal and contractual relationship which exists between this company and its customers. It is important to appreciate that the Code does not constitute a contract and does not constitute an agreement or intention to vary, waive, amend, replace or add to any existing contractual terms.</p>\n<p>1.7 We will seek to comply with the provisions of this Code. Principal responsibility for compliance with the Code shall lie with the Compliance Officer identified in the Foreword.<br /></p>\n<h3 id=\"areas-application\">Areas of Application</h3>\n<h4>Lease Terms</h4>\n<p><strong>Introduction</strong><br /></p>\n<p>2.1 We will continue to adopt a flexible and customer-driven approach to all aspects of lease terms and seek, so far as is possible, to meet the individual needs of specific customers. We will offer prices and other terms which reflect the value of the services provided and risks assumed.</p>\n<p>2.2 In considering customer requests in relation to proposed or existing lease terms (including requests relating to the period of the lease; sub-leases; handbacks and cancellations; cascades; mixing of stock and modifications) we will normally take into account some or all of the criteria listed in paragraphs 2.3 to 2.20 and 2.22 below, as applicable, although, in exceptional circumstances, we may take into account additional criteria. Additional criteria applicable to individual leases will, whenever it is reasonably possible to do so and subject to confidentiality requirements, be identified to customers during negotiation of a lease, including during the negotiation of any variations of a lease.</p>\n<h4>Lease terms for new trains</h4>\n<p>2.3 We will seek to ensure that any acceptance regime we negotiate in respect of new trains, to be procured by us from a manufacturer and leased to a customer, does not unfairly oblige the customer to accept trains which are not fit to enter revenue-earning service.</p>\n<h4>Flexible periods</h4>\n<p>2.4 We will seek to accommodate customers’ requirements for particular lease periods. The length of the proposed lease period is one of the factors influencing the lease charge (as listed in paragraph 2.21). In particular, lease charges will typically reflect the impact of different length leases on the expected value of the rolling stock over its entire lifetime, with lower charges tending to apply where uncertainty about releasing is reduced. The impact of specific lease periods on the lease charge will typically depend on:</p>\n<ul><li>the contracted proportion of the future anticipated life of the rolling stock;</li><li>the likely demand for the particular stock at the end of the proposed lease period;</li><li>the extent to which the payments during the term of the lease facilitate raising finance for the relevant rolling stock;</li><li>the reduced residual value risk when rolling stock is leased for longer periods of time;</li><li>the reduced marketing costs associated with leases which are re-let on fewer occasions; and</li><li>whether the lease and the franchise are coterminous.</li></ul><h4>Sub-leasing</h4>\n<p>2.5 Customer requests to sub-lease rolling stock will usually be considered favourably and our consent given provided that we know the identity of the person using the rolling stock, where the rolling stock is to be located and are satisfied that the terms and conditions imposed on the sub-lessee are no less favourable than those in the original lease. In order for us to consent to the sub-lease of particular rolling stock, we will typically seek confirmation that:</p>\n<p>the sub-lessee will be able to operate and maintain the rolling stock to the required safety standards;</p>\n<p>any Government undertakings or any security interests in the rolling stock are maintained;</p>\n<p>the sub-lessee has a satisfactory operational record and creditworthiness such that it will not affect the primary lessee’s obligations;</p>\n<p>there will be no reduction in the anticipated quality and reliability of the rolling stock concerned, taking into account the proposed use of the rolling stock;</p>\n<p>there will be no restriction placed on our security of interest in the rolling stock to be sub-leased; and</p>\n<p>there will be no reduction in capital allowances in respect of the rolling stock.</p>\n<h4>Handbacks and early termination</h4>\n<p>2.6 A lease may contain provision for the handback of rolling stock or for the early termination of the lease, or both. There is a relationship between the inclusion of one or both of these provisions and the price at which the rolling stock is leased. For example, in the case of a lease containing an early termination provision, the value to the customer of the early termination provision will be reflected in the lease terms.</p>\n<p>2.7 Where a lease provides for the handback of rolling stock and the sharing between ourselves and the original lessee of any subsequent rental payments, we will use our best endeavours to find alternative uses for the rolling stock in the U.K.</p>\n<p>2.8 If a lease does not contain any provisions relating to the handback of rolling stock or the early termination of the lease, we will consider proposals for alternative arrangements for the use of the rolling stock in question. If alternative uses for the rolling stock can be arranged, we will explore with the original lessee the implications of such alternative use, including some release of the lessee’s obligations under its existing lease. Facilitating cascades between customers</p>\n<p>2.9 A special case of handback occurs when stock is cascaded, enabling TOCs to take advantage of newer stock which becomes available for leasing. Such transactions usually require the approval of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and involve rolling stock transferring between several TOCs, at present mainly through sub-leasing arrangements.</p>\n<p>2.10 We will consider all reasonable requests for cascades and will (subject to the wishes of the existing lessee) bring opportunities for cascades to the attention of present and potential customers who we may reasonably believe may be interested in such rolling stock. It is to be noted that, depending on the nature of the rolling stock, the costs of performing any particular cascade, any material difference in the creditworthiness of the different TOCs involved, any government undertakings or security interests which may need to be transferred and the requirements of the underlying financing, some changes to lease charges may be required. </p>\n<h4>Mixing of Stock within Train Sets</h4>\n<p>2.11 Where we lease individual vehicles, we do not expect to place any restriction on a customer combining these vehicles with other vehicles built to compatible standards and leased from another lessor, within the same train formation, provided that such arrangement is consistent with the required safety standards and does not adversely affect our existing contractual or financing arrangements.</p>\n<p>2.12 Where we lease multiple-units, a customer can combine such stocks with compatible multiple-units leased from other lessors to form a train where the units in question have compatible standards and safe operational characteristics (such as maximum speed).</p>\n<p>2.13 Where we lease a fixed formation train, a customer may not normally vary the formation of that train unless this is specifically provided for in the lease terms. However, we will consider reasonable proposals to vary fixed formation rolling stock and will assess the implications of such proposals on applicable lease charges. In doing so, we will take account of the impact of the proposed variation on:</p>\n<ul><li>the loading on power units (if applicable);</li><li>maintenance programmes, standards and safety requirements;</li><li>the technical performance of the rolling stock (in terms of reliability, working life and maintenance requirements);</li><li>the future commercial value of the rolling stock (including the nature of the offer that could be made on releasing the rolling stock); and</li></ul><p>the consent of third parties, if required.</p>\n<p>2.14 Where both we and another supplier own spare vehicles which, in combination, could allow a complete train or multiple-unit to be created, then we will negotiate in good faith with that supplier either a pooling arrangement or a purchase/sale price. We reserve the right to satisfy ourselves that the condition of the other supplier’s rolling stock to be mixed or sold in this way is satisfactory and, in respect of pooling arrangements, that our rolling stock will remain commercially attractive to re-let at the end of the applicable lease period. In such circumstances we will negotiate in good faith and under the auspices of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate.</p>\n<h4>Maintenance</h4>\n<p>2.15 We will seek to develop and promote maintenance arrangements which have regard to the interests of passengers. Such arrangements will include a maintenance regime (that is the periodic overhaul of the rolling stock) which achieves required safety levels, sustains operating efficiency and preserves the working life of the train.</p>\n<p>2.16 We recognise that each customer will have specific requirements in relation to maintenance and we are willing to consider a range of possibilities including: the customer undertaking maintenance; our arranging maintenance or the sharing of such undertakings and arranging in a specified manner. Whichever option is adopted, it is of course essential that the required standards of safety and maintenance are observed and that there is proper opportunity for monitoring, inspection and enforcement.</p>\n<p>Where we have contractual responsibility for maintenance we will process claims arising from this responsibility in a timely manner following the receipt of all relevant information from the customer.</p>\n<p>2.17 We will:</p>\n<ul><li>be receptive to ideas from customers and suppliers as regards methods of improving rolling stock maintenance, including methods of improving the supply of spare parts;</li><li>proactively seek ways of improving maintenance arrangements;</li><li>ensure that arrangements are in place that promote an effective supply of ‘scarce spares’; and</li><li>offer, whenever practical, a performance regime commensurate with our ability to manage the associated risks.</li></ul><p>2.18 The basis for determining maintenance charges is that they should reflect the whole life cost of maintaining the asset. Where changes are made to the contracted maintenance arrangements, we will aim to agree an equitable allocation of any incremental costs or savings. The criteria that will be taken into account in allocating costs and savings will usually include one or more of the following, although in exceptional circumstances additional criteria may be taken into account:</p>\n<ul><li>the period over which the costs or savings will arise;</li><li>the impact of the change on the estimated residual value;</li><li>the impact on the customer’s operating costs; and</li><li>the risks associated with the proposed changes.</li></ul><h4>Modifications</h4>\n<p>2.19 We will consider all reasonable requests for rolling stock modifications subject to the existing conditions of the relevant lease. When considering such requests we will have regard to such factors as:</p>\n<p>whether the modification is compatible with the objectives of improving safety and reliability;</p>\n<p>whether the modification is likely to increase (or decrease) the value of the stock to subsequent lessees and, therefore, the residual value at the end of the current lease term;</p>\n<p>whether the modification will have an appreciable effect on the overall value of the broader portfolio of rolling stock; and</p>\n<p>the requirements of any relevant existing financing arrangements.</p>\n<p>We will agree to share with the customer the cost of agreed modifications where we reasonably believe that the modifications will have a value to us after the expiry of the existing lease and if the required funds are available.</p>\n<p>Where we are responsible for implementing mandatory safety modifications we will, subject to the terms of the lease and provided that the relevant customer co-operates, use reasonable endeavours to agree a suitable, compliant programme for fitment that minimises, where practicable and subject to relevant legal requirements, the time that vehicles are unavailable for revenue-earning service.</p>\n<h3>Pricing Issues</h3>\n<h4>Avoidance of excessive or predatory prices</h4>\n<p>2.20 We will seek to agree prices which are reasonable having regard to the economics of the rolling stock, the specific terms of the proposed contract and broader market conditions.</p>\n<h4>Principal factors for determining and agreeing prices</h4>\n<p>2.21 We will negotiate prices in good faith. The factors we take into account in agreeing a lease price will usually include some or all of the following although additional factors may be taken into account:</p>\n<ul><li>the terms of the contract;</li><li>the financing, acquisition and development costs of the rolling stock;</li><li>maintenance arrangements and costs in respect of the rolling stock;</li><li>the type and characteristics of the rolling stock;</li><li>the physical condition and proposed use of the rolling stock;</li><li>the estimated residual value of the rolling stock (see paragraph 2.22 below);</li></ul><p>the length of the contracted period;</p>\n<p>expected rental and performance characteristics of the rolling stock that could compete with the stock concerned;</p>\n<p>any customer specific factors (such as credit worthiness, operational record);</p>\n<p>current and anticipated levels of taxation, inflation and interest rates; and</p>\n<p>treatment of changes in applicable law.</p>\n<h4>Residual Value</h4>\n<p>2.22 The residual value of the rolling stock is the forecast value of the future income beyond the proposed contracted period of the lease, and constitutes a commercial risk accepted by ourselves. Our estimate of residual value will be determined mainly by the following factors:</p>\n<p>the projected level of lease rentals for the rolling stock;</p>\n<p>the projected working life of the rolling stock;</p>\n<p>the expected degree of utilisation of the stock over its remaining working life. This depends on both the expected balance between supply and demand in the rolling stock leasing market (or the relevant market segment) and also the nature of the stock (for example, the extent to which it can be used on different parts of the network);</p>\n<p>the economic, legal and regulatory environment (including safety and other matters);</p>\n<p>contract-specific factors, such as the proposed use of the train; and</p>\n<p>the discount rate(s) or cash flow implications applied to the particular lease.</p>\n<h3 id=\"stock\">Stock Available for Lease and Disposal of Stock</h3>\n<h4>Advertising of available stock</h4>\n<p>3.1 From time to time, we will make available to all operators and to the Office of Rail Regulation a list of stock which is available for lease, indicating the type, age and condition of the stock. We will respond promptly to bona fide enquiries from potential customers regarding the lease of such stock.</p>\n<h4>Refurbishment and disposal</h4>\n<p>3.2 The list of rolling stock available for lease will also indicate where we propose to dispose of a vehicle (i.e. withdraw for scrapping or sale outside of Great Britain ). No rolling stock shall be disposed of until this statement of intention has appeared on a published list for at least three months, and the condition of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, relating to the disposal of vehicles has been complied with.</p>\n<p>3.3 We will explore with potential customers, upon reasonable request, the scope for refurbishing stock which is available for lease, in order to enhance its attractiveness, subject to the commercial considerations set out in paragraphs 2.19 and 2.21.</p>\n<p>3.4 \"Stock available for lease\" excludes rolling stock which is reserved by us for use as donor vehicles whose parts can be used as spares for other rolling stock; or as rolling stock available to be substituted for rolling stock currently on-lease and either the terms of the lease make specific provision for stock to be reserved or; because of the nature of the contract (in particular the payment or performance regime) it is reasonable for rolling stock to be reserved for substitution.</p>\n<p>3.5 A separate list of stock withheld as donor vehicles will be supplied to the Office of Rail Regulation on those occasions when a list is provided under the terms of paragraph 3.1. We will minimise the number of donor vehicles and retain no more than the number of vehicles required to maintain a supply of spares at a prudent level. The criteria we would have regard to in deciding whether particular rolling stock should be reserved as a donor vehicle will normally include some or all of the following:</p>\n<ul><li>our existing supply of equivalent spares;</li><li>the anticipated requirement for such spares;</li><li>the availability of alternative supplies; and</li><li>any existing contractual obligations and safety requirements</li></ul><h3 id=\"releasing\">Re-leasing and Future Franchising Rounds</h3>\n<p>Information to bidders and Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate</p>\n<p>4.1 We are committed to assisting the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, during the re-franchising process. We will offer lease and maintenance (when appropriate) terms to all qualified bidders during the re-franchising process in a timely manner. Having been selected as preferred supplier we will endeavour to enter into a contract in respect of a lease and (where appropriate) maintenance agreements with the selected bidder for the franchise, such that new leases will be in place in good time before the new franchise period is due to commence.<br /></p>\n<h3 id=\"confidentiality\">Confidentiality</h3>\n<p>5.1 We will not disclose any confidential information to third parties in relation to our customers save where:</p>\n<ul><li>the information is already in the public domain;</li><li>there is a legal duty on us to disclose such confidential information;</li><li>we are required to provide the information by the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, the Office of Fair Trading or by any court or other competent authority;</li><li>disclosure is made at the request of the customer; or</li><li>disclosure is to our parent or affiliate provided that any such disclosure is made in accordance with any applicable undertakings to the Secretary of State relating to the disclosure of such information.</li></ul><p>5.2 We will respect our customer’s entitlement to require, prevent or restrict the disclosure of confidential information. However, in keeping with the commitments of fairness which we have given in this Code, customers should be aware that we will not withhold information nor disclose information (including information which the customer has requested to be disclosed) with the intention of restricting or distorting competition in the rolling stock market or in circumstances in which the disclosure may have the effect of so restricting or distorting competition.</p>\n<p>5.3 We expect our customers to observe similar standards in relation to confidential information provided to them.</p>\n<h3>Complaints and Contract</h3>\n<p>6.1 One of our key objectives is to maintain constructive relations with our customers and avoid the need for our customers to invoke any complaints procedure. Where a customer considers that it does have cause to complain, we will always acknowledge the fact that a complaint has been made (in writing) and will take the complaint forward in a timely and efficient manner. Complaints should, in the first instance, be addressed to the contact identified in the Foreword.<br /></p>\n<h3 id=\"liability\">Liability and Insurance</h3>\n<p>7.1 We will continue to make rolling stock property insurance available to our customers and charge on the basis of passing the cost of arranging such insurance through to customers. We will give proper consideration to any suggested alternatives in relation to insurance, subject to ensuring that our interests in the rolling stock are adequately protected.<br /></p>\n<h3 id=\"arrangements\">Arrangements for Promoting, Reviewing and Changing the Code</h3>\n<p>8.1 We will make copies of this Code available to all existing customers and on request to all prospective customers, and will take reasonable steps to make customers and prospective customers aware of the existence of the Code.</p>\n<p>8.2 The Code will be reviewed, and where appropriate amended, at periodic intervals. Prior to amending the Code we will consult with and take account of the views of the Office of Rail Regulation in respect of such proposed amendments.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'<ul><li><a href=\"#people\">People</a></li><li><a href=\"#safety\">Safety</a></li><li><a href=\"#environment\">Environment</a></li><li><a href=\"#antislavery\">Anti-Slavery</a></li><li><a href=\"#code\">Code of Practice</a></li></ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1387,4062,1,'Our Policies','2019-11-05 16:47:04','2019-11-05 16:47:05','83383807-68f7-4d0d-9b9b-813555baad8d',NULL,'<h2 id=\"people\">People</h2>\n<p>Porterbrook is an equal opportunities employer; the company recognises employing people from diverse backgrounds adds value to the way Porterbrook does business.</p>\n<p>Selection and promotion is based on the relevant aptitudes, abilities and skills to do the job. Porterbrook values its employees and invests in training, provided via its Training and Development Manager or on externally led courses. Training is available to all, based on assessments of personal development and business competency needs.</p>\n<p>Porterbrook seeks to communicate regularly with its employees. In addition to informal daily interactions Porterbrook also holds quarterly staff forums, and encourages voluntary participation in focus groups. Porterbrook recognises the need for work/life balance and offers a range of flexible working and leave options.</p>\n<h2 id=\"safety\">Safety</h2>\n<p>The safety policy of the Porterbrook Group is to provide safe and healthy working conditions for all our employees and to provide appropriate training as needed to enable the fulfilment of these aims.</p>\n<p>As a provider and maintainer of vehicles and other equipment for operation in the transport sector, we fully recognise the extent of our responsibilities to all those people who may be affected by our business activities, and therefore have arrangements in place for the effective discharge of our obligations for the provision of safe vehicles and equipment.</p>\n<p>Porterbrook supplies trains and other equipment for use in the operational railway. It exercises due diligence in the supply of these products, monitors safety performance in service and, in appropriate cases, advises customers or suppliers of relevant safety issues.</p>\n<p>Porterbrook supports its customers by understanding applicable safety standards and co-operating with those customers in providing information where this is relevant to the operation of the asset. Information exchange on relevant safety matters also takes place with Porterbrook’s suppliers. Porterbrook procures its goods and services via contracts and these contracts are fundamental to the way in which safety is delivered.</p>\n<p>The elements of this approach that assure the delivery of safety are:</p>\n<ul><li>To select and manage suppliers, ensuring that they are both competent to perform the task and that they fully understand their safety obligations</li><li>To provide specifications and procedures which are clear and unambiguous</li><li>To implement effective management of ongoing activities</li><li>To implement effective management of change</li><li>To carry out relevant checks and audits</li></ul><p> </p>\n<h2 id=\"environment\">Environment</h2>\n<p>Porterbrook is committed to maintaining and improving the environment by using and specifying products and technologies that are sustainable in the long term.</p>\n<p>To fulfil its sustainable and environmental objectives, Porterbrook will concentrate its efforts to ensure that in its business activities it seeks to:</p>\n<ul><li>Reduce its impact through the assessment and control of waste generated by the operation of the Company’s assets or the conduct of its business.</li><li>Identify and implement measures to minimise the dependency on fossil fuels for the operation of the business</li><li>Identify and implement arrangements to optimise the performance of the asset base to minimise the effects caused by noise, vibration and electromagnetic interference.</li><li>Ensure the Company’s suppliers have similar policies as part of the accreditation process.</li></ul><h2 id=\"antislavery\">Anti Slavery</h2>\n<p>Modern Slavery and Human Trafficking Statement for</p>\n<p>Porterbrook Holdings I Limited<br />Porterbrook Holdings II Limited <br />The Porterbrook Partnership <br />Porterbrook Rail Finance Limited<br />Porterbrook Leasing Mid Company Limited <br />Porterbrook Leasing Company Limited <br />Porterbrook Maintenance Limited <br />Porterbrook Leasing Asset Company Limited</p>\n<p>(“Porterbrook”) for 2017 financial year</p>\n<p>This statement is made pursuant to s.54 of the Modern Slavery Act 2015 (“Modern Slavery Act”).</p>\n<p>We are committed to doing all that we can to combat slavery and human trafficking and we realise that slavery and human trafficking can occur in many forms, such as forced labour, child labour, domestic servitude and workplace abuse (“Modern Slavery”).</p>\n<p>We have a zero tolerance approach to Modern Slavery and this statement sets out the steps that Porterbrook has undertaken, and is continuing to take, to ensure that Modern Slavery is not taking place within our business or supply chain.</p>\n<h3>Our organisation</h3>\n<p>The Porterbrook group operates in the United Kingdom, specialising in the leasing of all types of railway rolling stock and associated equipment. Not all legal entities within the group fall within the criteria defined in the Modern Slavery Act, but the policies and procedures in place to prevent Modern Slavery are common across all companies within the Porterbrook group. This statement is therefore made and is applicable to all companies within the Porterbrook group, as listed above.</p>\n<h3>Our policies</h3>\n<p>We operate a number of internal policies to help ensure that we are conducting business in an ethical and transparent manner. These include:</p>\n<ol><li>Anti-slavery and Human Trafficking policy. This policy reflects our commitment to acting ethically and with integrity in all our business relationships. The policy sets out the roles and responsibilities of Porterbrook employees in identifying any instances of Modern Slavery and how they should be acting on them. A link to this policy is here: <a href=\"{asset:176:url}\">Anti-slavery and Human Trafficking policy</a></li><li>Whistleblowing policy. This sets out the whistleblowing policy, so that all employees know that they can raise concerns about how colleagues are being treated, or practices within our business or supply chain, without fear of reprisals. A link to this policy is here: <a href=\"{asset:174:url}\">Whistleblowing policy</a></li><li>Code of Conduct for Suppliers. This code sets out the standard of behaviour expected of suppliers to our business. A link to this code is here: <a href=\"{asset:175:url}\">Code of Conduct for Suppliers</a></li><li>Code of Practice. This is a voluntary code setting out Porterbrook’s business philosophy and the company’s core working values. A link to this code is here: <a href=\"#code\">Code of Practice</a></li></ol><h3>Risk Assessments</h3>\n<p>We have undertaken stringent risk assessments of slavery and human trafficking within Porterbrook’s supply chain, as well as within our own operations.</p>\n<p> <br />For our own operations, we considered: the location of our operations, the roles being performed, the recruitment processes and the absence to date of reports of concerns regarding slavery and human trafficking. We also undertake “right to work” checks on all of our employees prior to them commencing their role. This includes checking, where applicable, that the employee has a valid work visa and is of an appropriate age to work. Based on these risk assessments, we deem the risk of human trafficking occurring within our employee population (including our agency and contract staff under our direct supervision) to be low.<br /><br />For our suppliers, the risk assessment includes mapping out our supply chains to assess particular industry and geographical risks to cover the entire scope of Porterbrook’s operations. We considered the risks based on where our suppliers are based, the products and services being supplied and the volume of spend. We recognised that our biggest exposure to Modern Slavery would be in our supply chain so put in place systems to mitigate these risks.</p>\n<h3>Our suppliers</h3>\n<p>We conduct due diligence on all of our suppliers and have a rigorous supplier accreditation process before we approve them. Many of our suppliers hold international quality standards and accreditations and are regularly audited both by the issuing authorities and ourselves (or agents acting on behalf of Porterbrook) to ensure ongoing compliance to quality standards and regulatory requirements.</p>\n<p>Our due diligence process and commitment to ensuring transparency in our supply chain involves evaluating our active suppliers by considering their response to our supplier self-assessment questionnaire. The information that we require from the questionnaire includes:</p>\n<ol><li>whether they have a programme to ensure that forced labour does not exist in their operations and supply chain;</li><li>whether they work with third parties to identify the risks of slavery and human trafficking;</li><li>the number of suppliers they have (direct and indirect);</li><li>whether they have identified any instances of slavery in their supply chain;</li><li>whether they have a process to remediate abuses; and</li><li>whether their audits include specific provisions on slavery and human trafficking.</li></ol><p>In addition to the above, our supplier accreditation process requires all our suppliers to operate under our Code of Conduct for Suppliers and meet the minimum standards outlined in it. This includes that:</p>\n<ol><li>suppliers will adhere to minimum age provisions of applicable laws and regulations, including being proactive in ensuring wages, working hours and conditions are appropriate for the employee;</li><li>suppliers will not use forced, bonded, compulsory labour or servitude or any form of human trafficking;</li><li>suppliers will provide employees and workers with a central grievance procedure without fear of reprisals; and</li><li>suppliers must ensure their workers and employees receive training regarding compliance with our Code of Conduct for Suppliers.</li></ol><h3>Training</h3>\n<p>We conduct Modern Slavery training for all staff so that they are aware of the issues surrounding Modern Slavery and what to do if they suspect that it is taking place within our supply chain. All employees have been provided with a Modern Slavery briefing note on the Modern Slavery Act.</p>\n<p> </p>\n<h3>Approval for this statement</h3>\n<p>This statement was approved by the Board of Directors on 29 November 2018.</p>\n<p>Chris McClure</p>\n<p>Director &amp; Company Secretary 29 November 2018<br /></p>\n<h2 id=\"code\">Code of Practice</h2>\n<ol><li><a href=\"#foreword\">Foreword</a></li><li><a href=\"#introduction\">Introduction</a></li><li><a href=\"#areas-application\">Areas of Application</a></li><li><a href=\"#stock-available\">Stock Available for Lease and Disposal of Stock</a></li><li><a href=\"#releasing\">Re-leasing and Future Franchising Rounds</a></li><li><a href=\"#confidentiality\">Confidentiality</a></li><li><a href=\"#complaints\">Complaints and Contract</a></li><li><a href=\"#liability\">Liability and Insurance</a></li><li><a href=\"#arrangements\">Arrangements for Promoting, Reviewing and Changing the Code</a></li></ol><h3 id=\"foreword\">Foreword</h3>\n<h4>1. Background</h4>\n<p>1.1 In July 1998 the Government issued a White Paper which referred to and accepted the then Rail Regulator’s recommendation that rolling stock leasing companies should be asked to produce Codes of Practice covering their dealings with train operating companies. This Code of Practice (the \"Code\") has been prepared by Porterbrook Leasing Company Limited (\"Porterbrook\") in response to that recommendation and sets out our approach to the market and the manner in which our customers can expect to build constructive partnerships with us. The Code explains the basis on which our business practices are founded and indicates our understanding and support of the public interest objective of creating a safe, competitive and efficient rail industry which meets the needs of passengers.</p>\n<p>1.2 In July 2009 Porterbrook gave undertakings to the Competition Commission that it would remove the non-discrimination obligations from the Code, in accordance with the findings of the Competition Commission in the Final Report from its Rolling Stock Leasing Market Investigation.</p>\n<h4>2. Our Business Philosophy</h4>\n<p>2.1 We are in business to offer a full range of rolling stock leasing services tailored to meet our customers’ particular needs. We have a long term financial interest in the rolling stock that we own and a long term commitment to the industry.</p>\n<p>2.2 In fulfilling our role, our key business objectives are:</p>\n<p>-to provide a safe, reliable and efficient service that customers and passengers regard as good value for money; -to build long-term relationships with our customers; and -to show professionalism in all that we do.</p>\n<p>2.3 We will at all times seek to act fairly and to develop constructive relationships with all participants in the rail industry, including existing franchisees, potential new customers, other Rolling Stock Leasing businesses, the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and the Department for Transport or Transport Scotland.</p>\n<h4>3. Our Service Commitment</h4>\n<p>3.1 We aim to offer customers a full range of services covering, depending on customer requirements: the provision of operating leases; the management of new vehicle procurement; and the provision of maintenance services.</p>\n<p>3.2 We are committed to supporting our customers in their role of providing passengers with a safe, economically efficient and reliable railway service. In doing this we will:</p>\n\n\n\n\n\n\n<ul><li>act fairly and reasonably in all our dealings;</li><li>seek to respond to requests in a timely manner having regard to customer needs;</li><li>strive for continuous improvement in the reliability and quality of our rolling stock in so far as such matters are within our control;</li><li>engage in a regular dialogue with lessees regarding our current service performance and future plans;</li><li>invest in our existing rolling stock to maintain its commercial attractiveness where it is economic to do so;</li><li>accept performance and investment risks where it is appropriate and practical to do so; and</li><li>be a source of advice or guidance to our customers on rolling stock.</li></ul><h4>4. Safety</h4>\n<p>4.1 We are fundamentally committed to the provision of a safe and secure railway system and this is a key priority in respect of all our customer relationships.</p>\n<h4>5. Complaints Procedure</h4>\n<p>5.1 Any customer, or potential customer who believes that the terms of this Code have been breached, should in the first instance contact Stephen McGurk , the Compliance Officer for Porterbrook, at Ivatt House, Pinnacle Way, Derby, Pride Park, Derby DE24 8ZS .<br /></p>\n<h3 id=\"introduction\">Introduction</h3>\n<p>1.1 This Code establishes a behavioural framework for the conduct of passenger rolling stock leasing over the national railway network of Great Britain . It is designed to provide appropriate assurances for our customers whilst not unnecessarily restricting commercial activity in a rapidly changing market. We are committed to adhere to the provisions of this Code, under which all customers can expect to receive fair and reasonable treatment from this Rolling Stock Leasing Company (ROSCO). This Code is also designed to ensure that all contracts are entered into between customers and suppliers in a free and competitive environment.</p>\n<p>1.2 We will apply this Code in a manner which takes into account the interests of the Train Operating Companies (TOCs) and passengers whilst satisfying our requirement to secure a commercial return on investment. The Code establishes a general behavioural framework rather than a set of rigid rules, as the latter would inhibit the proper development of the market and, therefore, would not be in the interest of either passengers or the industry.</p>\n<h4>Fairness and reasonable terms</h4>\n<p>1.3 We will always seek to offer terms that are fair and reasonable and in accordance with this Code and under no circumstances will we abuse or seek to abuse any significant market power we may have as a result of the particular market conditions prevailing from time to time.</p>\n<p>1.4 In addition, we also accept the importance of behaving in a fair and reasonable manner at the time of franchise renewal and, to that end, we will not abuse any significant market power that we might enjoy at that time. We will offer quotes to potential franchise operators supported by the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, on a fair basis. Our dealings with potential franchise operators will be on a fair and reasonable basis.</p>\n<h4>Non-preferential treatment for vertically integrated companies</h4>\n<p>1.5 Where a customer is owned in whole or in part or controlled by this company or is directly or indirectly owned in whole or in part or controlled by a company which also owns or controls this company we will not give any preference to that customer, except on the basis of the factors outlined in this Code in paragraph 2.21, although in exceptional circumstances additional factors may be taken into account.</p>\n<h4>Enforceability and Compliance</h4>\n<p>1.6 The Code must be seen in the context of the legal and contractual relationship which exists between this company and its customers. It is important to appreciate that the Code does not constitute a contract and does not constitute an agreement or intention to vary, waive, amend, replace or add to any existing contractual terms.</p>\n<p>1.7 We will seek to comply with the provisions of this Code. Principal responsibility for compliance with the Code shall lie with the Compliance Officer identified in the Foreword.<br /></p>\n<h3 id=\"areas-application\">Areas of Application</h3>\n<h4>Lease Terms</h4>\n<p><strong>Introduction</strong><br /></p>\n<p>2.1 We will continue to adopt a flexible and customer-driven approach to all aspects of lease terms and seek, so far as is possible, to meet the individual needs of specific customers. We will offer prices and other terms which reflect the value of the services provided and risks assumed.</p>\n<p>2.2 In considering customer requests in relation to proposed or existing lease terms (including requests relating to the period of the lease; sub-leases; handbacks and cancellations; cascades; mixing of stock and modifications) we will normally take into account some or all of the criteria listed in paragraphs 2.3 to 2.20 and 2.22 below, as applicable, although, in exceptional circumstances, we may take into account additional criteria. Additional criteria applicable to individual leases will, whenever it is reasonably possible to do so and subject to confidentiality requirements, be identified to customers during negotiation of a lease, including during the negotiation of any variations of a lease.</p>\n<h4>Lease terms for new trains</h4>\n<p>2.3 We will seek to ensure that any acceptance regime we negotiate in respect of new trains, to be procured by us from a manufacturer and leased to a customer, does not unfairly oblige the customer to accept trains which are not fit to enter revenue-earning service.</p>\n<h4>Flexible periods</h4>\n<p>2.4 We will seek to accommodate customers’ requirements for particular lease periods. The length of the proposed lease period is one of the factors influencing the lease charge (as listed in paragraph 2.21). In particular, lease charges will typically reflect the impact of different length leases on the expected value of the rolling stock over its entire lifetime, with lower charges tending to apply where uncertainty about releasing is reduced. The impact of specific lease periods on the lease charge will typically depend on:</p>\n<ul><li>the contracted proportion of the future anticipated life of the rolling stock;</li><li>the likely demand for the particular stock at the end of the proposed lease period;</li><li>the extent to which the payments during the term of the lease facilitate raising finance for the relevant rolling stock;</li><li>the reduced residual value risk when rolling stock is leased for longer periods of time;</li><li>the reduced marketing costs associated with leases which are re-let on fewer occasions; and</li><li>whether the lease and the franchise are coterminous.</li></ul><h4>Sub-leasing</h4>\n<p>2.5 Customer requests to sub-lease rolling stock will usually be considered favourably and our consent given provided that we know the identity of the person using the rolling stock, where the rolling stock is to be located and are satisfied that the terms and conditions imposed on the sub-lessee are no less favourable than those in the original lease. In order for us to consent to the sub-lease of particular rolling stock, we will typically seek confirmation that:</p>\n<p>the sub-lessee will be able to operate and maintain the rolling stock to the required safety standards;</p>\n<p>any Government undertakings or any security interests in the rolling stock are maintained;</p>\n<p>the sub-lessee has a satisfactory operational record and creditworthiness such that it will not affect the primary lessee’s obligations;</p>\n<p>there will be no reduction in the anticipated quality and reliability of the rolling stock concerned, taking into account the proposed use of the rolling stock;</p>\n<p>there will be no restriction placed on our security of interest in the rolling stock to be sub-leased; and</p>\n<p>there will be no reduction in capital allowances in respect of the rolling stock.</p>\n<h4>Handbacks and early termination</h4>\n<p>2.6 A lease may contain provision for the handback of rolling stock or for the early termination of the lease, or both. There is a relationship between the inclusion of one or both of these provisions and the price at which the rolling stock is leased. For example, in the case of a lease containing an early termination provision, the value to the customer of the early termination provision will be reflected in the lease terms.</p>\n<p>2.7 Where a lease provides for the handback of rolling stock and the sharing between ourselves and the original lessee of any subsequent rental payments, we will use our best endeavours to find alternative uses for the rolling stock in the U.K.</p>\n<p>2.8 If a lease does not contain any provisions relating to the handback of rolling stock or the early termination of the lease, we will consider proposals for alternative arrangements for the use of the rolling stock in question. If alternative uses for the rolling stock can be arranged, we will explore with the original lessee the implications of such alternative use, including some release of the lessee’s obligations under its existing lease. Facilitating cascades between customers</p>\n<p>2.9 A special case of handback occurs when stock is cascaded, enabling TOCs to take advantage of newer stock which becomes available for leasing. Such transactions usually require the approval of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and involve rolling stock transferring between several TOCs, at present mainly through sub-leasing arrangements.</p>\n<p>2.10 We will consider all reasonable requests for cascades and will (subject to the wishes of the existing lessee) bring opportunities for cascades to the attention of present and potential customers who we may reasonably believe may be interested in such rolling stock. It is to be noted that, depending on the nature of the rolling stock, the costs of performing any particular cascade, any material difference in the creditworthiness of the different TOCs involved, any government undertakings or security interests which may need to be transferred and the requirements of the underlying financing, some changes to lease charges may be required. </p>\n<h4>Mixing of Stock within Train Sets</h4>\n<p>2.11 Where we lease individual vehicles, we do not expect to place any restriction on a customer combining these vehicles with other vehicles built to compatible standards and leased from another lessor, within the same train formation, provided that such arrangement is consistent with the required safety standards and does not adversely affect our existing contractual or financing arrangements.</p>\n<p>2.12 Where we lease multiple-units, a customer can combine such stocks with compatible multiple-units leased from other lessors to form a train where the units in question have compatible standards and safe operational characteristics (such as maximum speed).</p>\n<p>2.13 Where we lease a fixed formation train, a customer may not normally vary the formation of that train unless this is specifically provided for in the lease terms. However, we will consider reasonable proposals to vary fixed formation rolling stock and will assess the implications of such proposals on applicable lease charges. In doing so, we will take account of the impact of the proposed variation on:</p>\n<ul><li>the loading on power units (if applicable);</li><li>maintenance programmes, standards and safety requirements;</li><li>the technical performance of the rolling stock (in terms of reliability, working life and maintenance requirements);</li><li>the future commercial value of the rolling stock (including the nature of the offer that could be made on releasing the rolling stock); and</li></ul><p>the consent of third parties, if required.</p>\n<p>2.14 Where both we and another supplier own spare vehicles which, in combination, could allow a complete train or multiple-unit to be created, then we will negotiate in good faith with that supplier either a pooling arrangement or a purchase/sale price. We reserve the right to satisfy ourselves that the condition of the other supplier’s rolling stock to be mixed or sold in this way is satisfactory and, in respect of pooling arrangements, that our rolling stock will remain commercially attractive to re-let at the end of the applicable lease period. In such circumstances we will negotiate in good faith and under the auspices of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate.</p>\n<h4>Maintenance</h4>\n<p>2.15 We will seek to develop and promote maintenance arrangements which have regard to the interests of passengers. Such arrangements will include a maintenance regime (that is the periodic overhaul of the rolling stock) which achieves required safety levels, sustains operating efficiency and preserves the working life of the train.</p>\n<p>2.16 We recognise that each customer will have specific requirements in relation to maintenance and we are willing to consider a range of possibilities including: the customer undertaking maintenance; our arranging maintenance or the sharing of such undertakings and arranging in a specified manner. Whichever option is adopted, it is of course essential that the required standards of safety and maintenance are observed and that there is proper opportunity for monitoring, inspection and enforcement.</p>\n<p>Where we have contractual responsibility for maintenance we will process claims arising from this responsibility in a timely manner following the receipt of all relevant information from the customer.</p>\n<p>2.17 We will:</p>\n<ul><li>be receptive to ideas from customers and suppliers as regards methods of improving rolling stock maintenance, including methods of improving the supply of spare parts;</li><li>proactively seek ways of improving maintenance arrangements;</li><li>ensure that arrangements are in place that promote an effective supply of ‘scarce spares’; and</li><li>offer, whenever practical, a performance regime commensurate with our ability to manage the associated risks.</li></ul><p>2.18 The basis for determining maintenance charges is that they should reflect the whole life cost of maintaining the asset. Where changes are made to the contracted maintenance arrangements, we will aim to agree an equitable allocation of any incremental costs or savings. The criteria that will be taken into account in allocating costs and savings will usually include one or more of the following, although in exceptional circumstances additional criteria may be taken into account:</p>\n<ul><li>the period over which the costs or savings will arise;</li><li>the impact of the change on the estimated residual value;</li><li>the impact on the customer’s operating costs; and</li><li>the risks associated with the proposed changes.</li></ul><h4>Modifications</h4>\n<p>2.19 We will consider all reasonable requests for rolling stock modifications subject to the existing conditions of the relevant lease. When considering such requests we will have regard to such factors as:</p>\n<p>whether the modification is compatible with the objectives of improving safety and reliability;</p>\n<p>whether the modification is likely to increase (or decrease) the value of the stock to subsequent lessees and, therefore, the residual value at the end of the current lease term;</p>\n<p>whether the modification will have an appreciable effect on the overall value of the broader portfolio of rolling stock; and</p>\n<p>the requirements of any relevant existing financing arrangements.</p>\n<p>We will agree to share with the customer the cost of agreed modifications where we reasonably believe that the modifications will have a value to us after the expiry of the existing lease and if the required funds are available.</p>\n<p>Where we are responsible for implementing mandatory safety modifications we will, subject to the terms of the lease and provided that the relevant customer co-operates, use reasonable endeavours to agree a suitable, compliant programme for fitment that minimises, where practicable and subject to relevant legal requirements, the time that vehicles are unavailable for revenue-earning service.</p>\n<h3>Pricing Issues</h3>\n<h4>Avoidance of excessive or predatory prices</h4>\n<p>2.20 We will seek to agree prices which are reasonable having regard to the economics of the rolling stock, the specific terms of the proposed contract and broader market conditions.</p>\n<h4>Principal factors for determining and agreeing prices</h4>\n<p>2.21 We will negotiate prices in good faith. The factors we take into account in agreeing a lease price will usually include some or all of the following although additional factors may be taken into account:</p>\n<ul><li>the terms of the contract;</li><li>the financing, acquisition and development costs of the rolling stock;</li><li>maintenance arrangements and costs in respect of the rolling stock;</li><li>the type and characteristics of the rolling stock;</li><li>the physical condition and proposed use of the rolling stock;</li><li>the estimated residual value of the rolling stock (see paragraph 2.22 below);</li></ul><p>the length of the contracted period;</p>\n<p>expected rental and performance characteristics of the rolling stock that could compete with the stock concerned;</p>\n<p>any customer specific factors (such as credit worthiness, operational record);</p>\n<p>current and anticipated levels of taxation, inflation and interest rates; and</p>\n<p>treatment of changes in applicable law.</p>\n<h4>Residual Value</h4>\n<p>2.22 The residual value of the rolling stock is the forecast value of the future income beyond the proposed contracted period of the lease, and constitutes a commercial risk accepted by ourselves. Our estimate of residual value will be determined mainly by the following factors:</p>\n<p>the projected level of lease rentals for the rolling stock;</p>\n<p>the projected working life of the rolling stock;</p>\n<p>the expected degree of utilisation of the stock over its remaining working life. This depends on both the expected balance between supply and demand in the rolling stock leasing market (or the relevant market segment) and also the nature of the stock (for example, the extent to which it can be used on different parts of the network);</p>\n<p>the economic, legal and regulatory environment (including safety and other matters);</p>\n<p>contract-specific factors, such as the proposed use of the train; and</p>\n<p>the discount rate(s) or cash flow implications applied to the particular lease.</p>\n<h3 id=\"stock\">Stock Available for Lease and Disposal of Stock</h3>\n<h4>Advertising of available stock</h4>\n<p>3.1 From time to time, we will make available to all operators and to the Office of Rail Regulation a list of stock which is available for lease, indicating the type, age and condition of the stock. We will respond promptly to bona fide enquiries from potential customers regarding the lease of such stock.</p>\n<h4>Refurbishment and disposal</h4>\n<p>3.2 The list of rolling stock available for lease will also indicate where we propose to dispose of a vehicle (i.e. withdraw for scrapping or sale outside of Great Britain ). No rolling stock shall be disposed of until this statement of intention has appeared on a published list for at least three months, and the condition of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, relating to the disposal of vehicles has been complied with.</p>\n<p>3.3 We will explore with potential customers, upon reasonable request, the scope for refurbishing stock which is available for lease, in order to enhance its attractiveness, subject to the commercial considerations set out in paragraphs 2.19 and 2.21.</p>\n<p>3.4 \"Stock available for lease\" excludes rolling stock which is reserved by us for use as donor vehicles whose parts can be used as spares for other rolling stock; or as rolling stock available to be substituted for rolling stock currently on-lease and either the terms of the lease make specific provision for stock to be reserved or; because of the nature of the contract (in particular the payment or performance regime) it is reasonable for rolling stock to be reserved for substitution.</p>\n<p>3.5 A separate list of stock withheld as donor vehicles will be supplied to the Office of Rail Regulation on those occasions when a list is provided under the terms of paragraph 3.1. We will minimise the number of donor vehicles and retain no more than the number of vehicles required to maintain a supply of spares at a prudent level. The criteria we would have regard to in deciding whether particular rolling stock should be reserved as a donor vehicle will normally include some or all of the following:</p>\n<ul><li>our existing supply of equivalent spares;</li><li>the anticipated requirement for such spares;</li><li>the availability of alternative supplies; and</li><li>any existing contractual obligations and safety requirements</li></ul><h3 id=\"releasing\">Re-leasing and Future Franchising Rounds</h3>\n<p>Information to bidders and Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate</p>\n<p>4.1 We are committed to assisting the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, during the re-franchising process. We will offer lease and maintenance (when appropriate) terms to all qualified bidders during the re-franchising process in a timely manner. Having been selected as preferred supplier we will endeavour to enter into a contract in respect of a lease and (where appropriate) maintenance agreements with the selected bidder for the franchise, such that new leases will be in place in good time before the new franchise period is due to commence.<br /></p>\n<h3 id=\"confidentiality\">Confidentiality</h3>\n<p>5.1 We will not disclose any confidential information to third parties in relation to our customers save where:</p>\n<ul><li>the information is already in the public domain;</li><li>there is a legal duty on us to disclose such confidential information;</li><li>we are required to provide the information by the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, the Office of Fair Trading or by any court or other competent authority;</li><li>disclosure is made at the request of the customer; or</li><li>disclosure is to our parent or affiliate provided that any such disclosure is made in accordance with any applicable undertakings to the Secretary of State relating to the disclosure of such information.</li></ul><p>5.2 We will respect our customer’s entitlement to require, prevent or restrict the disclosure of confidential information. However, in keeping with the commitments of fairness which we have given in this Code, customers should be aware that we will not withhold information nor disclose information (including information which the customer has requested to be disclosed) with the intention of restricting or distorting competition in the rolling stock market or in circumstances in which the disclosure may have the effect of so restricting or distorting competition.</p>\n<p>5.3 We expect our customers to observe similar standards in relation to confidential information provided to them.</p>\n<h3>Complaints and Contract</h3>\n<p>6.1 One of our key objectives is to maintain constructive relations with our customers and avoid the need for our customers to invoke any complaints procedure. Where a customer considers that it does have cause to complain, we will always acknowledge the fact that a complaint has been made (in writing) and will take the complaint forward in a timely and efficient manner. Complaints should, in the first instance, be addressed to the contact identified in the Foreword.<br /></p>\n<h3 id=\"liability\">Liability and Insurance</h3>\n<p>7.1 We will continue to make rolling stock property insurance available to our customers and charge on the basis of passing the cost of arranging such insurance through to customers. We will give proper consideration to any suggested alternatives in relation to insurance, subject to ensuring that our interests in the rolling stock are adequately protected.<br /></p>\n<h3>Arrangements for Promoting, Reviewing and Changing the Code</h3>\n<p>8.1 We will make copies of this Code available to all existing customers and on request to all prospective customers, and will take reasonable steps to make customers and prospective customers aware of the existence of the Code.</p>\n<p>8.2 The Code will be reviewed, and where appropriate amended, at periodic intervals. Prior to amending the Code we will consult with and take account of the views of the Office of Rail Regulation in respect of such proposed amendments.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'<ul><li><a href=\"#people\">People</a></li><li><a href=\"#safety\">Safety</a></li><li><a href=\"#environment\">Environment</a></li><li><a href=\"#antislavery\">Anti-Slavery</a></li><li><a href=\"#code\">Code of Practice</a></li></ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1388,4063,1,'Our Policies','2019-11-05 16:47:05','2019-11-05 16:47:05','bceac53a-2280-42d6-8512-6a4b09cae190',NULL,'<h2 id=\"people\">People</h2>\n<p>Porterbrook is an equal opportunities employer; the company recognises employing people from diverse backgrounds adds value to the way Porterbrook does business.</p>\n<p>Selection and promotion is based on the relevant aptitudes, abilities and skills to do the job. Porterbrook values its employees and invests in training, provided via its Training and Development Manager or on externally led courses. Training is available to all, based on assessments of personal development and business competency needs.</p>\n<p>Porterbrook seeks to communicate regularly with its employees. In addition to informal daily interactions Porterbrook also holds quarterly staff forums, and encourages voluntary participation in focus groups. Porterbrook recognises the need for work/life balance and offers a range of flexible working and leave options.</p>\n<h2 id=\"safety\">Safety</h2>\n<p>The safety policy of the Porterbrook Group is to provide safe and healthy working conditions for all our employees and to provide appropriate training as needed to enable the fulfilment of these aims.</p>\n<p>As a provider and maintainer of vehicles and other equipment for operation in the transport sector, we fully recognise the extent of our responsibilities to all those people who may be affected by our business activities, and therefore have arrangements in place for the effective discharge of our obligations for the provision of safe vehicles and equipment.</p>\n<p>Porterbrook supplies trains and other equipment for use in the operational railway. It exercises due diligence in the supply of these products, monitors safety performance in service and, in appropriate cases, advises customers or suppliers of relevant safety issues.</p>\n<p>Porterbrook supports its customers by understanding applicable safety standards and co-operating with those customers in providing information where this is relevant to the operation of the asset. Information exchange on relevant safety matters also takes place with Porterbrook’s suppliers. Porterbrook procures its goods and services via contracts and these contracts are fundamental to the way in which safety is delivered.</p>\n<p>The elements of this approach that assure the delivery of safety are:</p>\n<ul><li>To select and manage suppliers, ensuring that they are both competent to perform the task and that they fully understand their safety obligations</li><li>To provide specifications and procedures which are clear and unambiguous</li><li>To implement effective management of ongoing activities</li><li>To implement effective management of change</li><li>To carry out relevant checks and audits</li></ul><p> </p>\n<h2 id=\"environment\">Environment</h2>\n<p>Porterbrook is committed to maintaining and improving the environment by using and specifying products and technologies that are sustainable in the long term.</p>\n<p>To fulfil its sustainable and environmental objectives, Porterbrook will concentrate its efforts to ensure that in its business activities it seeks to:</p>\n<ul><li>Reduce its impact through the assessment and control of waste generated by the operation of the Company’s assets or the conduct of its business.</li><li>Identify and implement measures to minimise the dependency on fossil fuels for the operation of the business</li><li>Identify and implement arrangements to optimise the performance of the asset base to minimise the effects caused by noise, vibration and electromagnetic interference.</li><li>Ensure the Company’s suppliers have similar policies as part of the accreditation process.</li></ul><h2 id=\"antislavery\">Anti Slavery</h2>\n<p>Modern Slavery and Human Trafficking Statement for</p>\n<p>Porterbrook Holdings I Limited<br />Porterbrook Holdings II Limited <br />The Porterbrook Partnership <br />Porterbrook Rail Finance Limited<br />Porterbrook Leasing Mid Company Limited <br />Porterbrook Leasing Company Limited <br />Porterbrook Maintenance Limited <br />Porterbrook Leasing Asset Company Limited</p>\n<p>(“Porterbrook”) for 2017 financial year</p>\n<p>This statement is made pursuant to s.54 of the Modern Slavery Act 2015 (“Modern Slavery Act”).</p>\n<p>We are committed to doing all that we can to combat slavery and human trafficking and we realise that slavery and human trafficking can occur in many forms, such as forced labour, child labour, domestic servitude and workplace abuse (“Modern Slavery”).</p>\n<p>We have a zero tolerance approach to Modern Slavery and this statement sets out the steps that Porterbrook has undertaken, and is continuing to take, to ensure that Modern Slavery is not taking place within our business or supply chain.</p>\n<h3>Our organisation</h3>\n<p>The Porterbrook group operates in the United Kingdom, specialising in the leasing of all types of railway rolling stock and associated equipment. Not all legal entities within the group fall within the criteria defined in the Modern Slavery Act, but the policies and procedures in place to prevent Modern Slavery are common across all companies within the Porterbrook group. This statement is therefore made and is applicable to all companies within the Porterbrook group, as listed above.</p>\n<h3>Our policies</h3>\n<p>We operate a number of internal policies to help ensure that we are conducting business in an ethical and transparent manner. These include:</p>\n<ol><li>Anti-slavery and Human Trafficking policy. This policy reflects our commitment to acting ethically and with integrity in all our business relationships. The policy sets out the roles and responsibilities of Porterbrook employees in identifying any instances of Modern Slavery and how they should be acting on them. A link to this policy is here: <a href=\"{asset:176:url}\">Anti-slavery and Human Trafficking policy</a></li><li>Whistleblowing policy. This sets out the whistleblowing policy, so that all employees know that they can raise concerns about how colleagues are being treated, or practices within our business or supply chain, without fear of reprisals. A link to this policy is here: <a href=\"{asset:174:url}\">Whistleblowing policy</a></li><li>Code of Conduct for Suppliers. This code sets out the standard of behaviour expected of suppliers to our business. A link to this code is here: <a href=\"{asset:175:url}\">Code of Conduct for Suppliers</a></li><li>Code of Practice. This is a voluntary code setting out Porterbrook’s business philosophy and the company’s core working values. A link to this code is here: <a href=\"#code\">Code of Practice</a></li></ol><h3>Risk Assessments</h3>\n<p>We have undertaken stringent risk assessments of slavery and human trafficking within Porterbrook’s supply chain, as well as within our own operations.</p>\n<p> <br />For our own operations, we considered: the location of our operations, the roles being performed, the recruitment processes and the absence to date of reports of concerns regarding slavery and human trafficking. We also undertake “right to work” checks on all of our employees prior to them commencing their role. This includes checking, where applicable, that the employee has a valid work visa and is of an appropriate age to work. Based on these risk assessments, we deem the risk of human trafficking occurring within our employee population (including our agency and contract staff under our direct supervision) to be low.<br /><br />For our suppliers, the risk assessment includes mapping out our supply chains to assess particular industry and geographical risks to cover the entire scope of Porterbrook’s operations. We considered the risks based on where our suppliers are based, the products and services being supplied and the volume of spend. We recognised that our biggest exposure to Modern Slavery would be in our supply chain so put in place systems to mitigate these risks.</p>\n<h3>Our suppliers</h3>\n<p>We conduct due diligence on all of our suppliers and have a rigorous supplier accreditation process before we approve them. Many of our suppliers hold international quality standards and accreditations and are regularly audited both by the issuing authorities and ourselves (or agents acting on behalf of Porterbrook) to ensure ongoing compliance to quality standards and regulatory requirements.</p>\n<p>Our due diligence process and commitment to ensuring transparency in our supply chain involves evaluating our active suppliers by considering their response to our supplier self-assessment questionnaire. The information that we require from the questionnaire includes:</p>\n<ol><li>whether they have a programme to ensure that forced labour does not exist in their operations and supply chain;</li><li>whether they work with third parties to identify the risks of slavery and human trafficking;</li><li>the number of suppliers they have (direct and indirect);</li><li>whether they have identified any instances of slavery in their supply chain;</li><li>whether they have a process to remediate abuses; and</li><li>whether their audits include specific provisions on slavery and human trafficking.</li></ol><p>In addition to the above, our supplier accreditation process requires all our suppliers to operate under our Code of Conduct for Suppliers and meet the minimum standards outlined in it. This includes that:</p>\n<ol><li>suppliers will adhere to minimum age provisions of applicable laws and regulations, including being proactive in ensuring wages, working hours and conditions are appropriate for the employee;</li><li>suppliers will not use forced, bonded, compulsory labour or servitude or any form of human trafficking;</li><li>suppliers will provide employees and workers with a central grievance procedure without fear of reprisals; and</li><li>suppliers must ensure their workers and employees receive training regarding compliance with our Code of Conduct for Suppliers.</li></ol><h3>Training</h3>\n<p>We conduct Modern Slavery training for all staff so that they are aware of the issues surrounding Modern Slavery and what to do if they suspect that it is taking place within our supply chain. All employees have been provided with a Modern Slavery briefing note on the Modern Slavery Act.</p>\n<p> </p>\n<h3>Approval for this statement</h3>\n<p>This statement was approved by the Board of Directors on 29 November 2018.</p>\n<p>Chris McClure</p>\n<p>Director &amp; Company Secretary 29 November 2018<br /></p>\n<h2 id=\"code\">Code of Practice</h2>\n<ol><li><a href=\"#foreword\">Foreword</a></li><li><a href=\"#introduction\">Introduction</a></li><li><a href=\"#areas-application\">Areas of Application</a></li><li><a href=\"#stock-available\">Stock Available for Lease and Disposal of Stock</a></li><li><a href=\"#releasing\">Re-leasing and Future Franchising Rounds</a></li><li><a href=\"#confidentiality\">Confidentiality</a></li><li><a href=\"#complaints\">Complaints and Contract</a></li><li><a href=\"#liability\">Liability and Insurance</a></li><li><a href=\"#arrangements\">Arrangements for Promoting, Reviewing and Changing the Code</a></li></ol><h3 id=\"foreword\">Foreword</h3>\n<h4>1. Background</h4>\n<p>1.1 In July 1998 the Government issued a White Paper which referred to and accepted the then Rail Regulator’s recommendation that rolling stock leasing companies should be asked to produce Codes of Practice covering their dealings with train operating companies. This Code of Practice (the \"Code\") has been prepared by Porterbrook Leasing Company Limited (\"Porterbrook\") in response to that recommendation and sets out our approach to the market and the manner in which our customers can expect to build constructive partnerships with us. The Code explains the basis on which our business practices are founded and indicates our understanding and support of the public interest objective of creating a safe, competitive and efficient rail industry which meets the needs of passengers.</p>\n<p>1.2 In July 2009 Porterbrook gave undertakings to the Competition Commission that it would remove the non-discrimination obligations from the Code, in accordance with the findings of the Competition Commission in the Final Report from its Rolling Stock Leasing Market Investigation.</p>\n<h4>2. Our Business Philosophy</h4>\n<p>2.1 We are in business to offer a full range of rolling stock leasing services tailored to meet our customers’ particular needs. We have a long term financial interest in the rolling stock that we own and a long term commitment to the industry.</p>\n<p>2.2 In fulfilling our role, our key business objectives are:</p>\n<p>-to provide a safe, reliable and efficient service that customers and passengers regard as good value for money; -to build long-term relationships with our customers; and -to show professionalism in all that we do.</p>\n<p>2.3 We will at all times seek to act fairly and to develop constructive relationships with all participants in the rail industry, including existing franchisees, potential new customers, other Rolling Stock Leasing businesses, the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and the Department for Transport or Transport Scotland.</p>\n<h4>3. Our Service Commitment</h4>\n<p>3.1 We aim to offer customers a full range of services covering, depending on customer requirements: the provision of operating leases; the management of new vehicle procurement; and the provision of maintenance services.</p>\n<p>3.2 We are committed to supporting our customers in their role of providing passengers with a safe, economically efficient and reliable railway service. In doing this we will:</p>\n<p>act fairly and reasonably in all our dealings;</p>\n<p>seek to respond to requests in a timely manner having regard to customer needs;</p>\n<p>strive for continuous improvement in the reliability and quality of our rolling stock in so far as such matters are within our control;</p>\n<p>engage in a regular dialogue with lessees regarding our current service performance and future plans;</p>\n<p>invest in our existing rolling stock to maintain its commercial attractiveness where it is economic to do so;</p>\n<p>accept performance and investment risks where it is appropriate and practical to do so; and</p>\n<p>be a source of advice or guidance to our customers on rolling stock.</p>\n<h4>4. Safety</h4>\n<p>4.1 We are fundamentally committed to the provision of a safe and secure railway system and this is a key priority in respect of all our customer relationships.</p>\n<h4>5. Complaints Procedure</h4>\n<p>5.1 Any customer, or potential customer who believes that the terms of this Code have been breached, should in the first instance contact Stephen McGurk , the Compliance Officer for Porterbrook, at Ivatt House, Pinnacle Way, Derby, Pride Park, Derby DE24 8ZS .<br /></p>\n<h3 id=\"introduction\">Introduction</h3>\n<p>1.1 This Code establishes a behavioural framework for the conduct of passenger rolling stock leasing over the national railway network of Great Britain . It is designed to provide appropriate assurances for our customers whilst not unnecessarily restricting commercial activity in a rapidly changing market. We are committed to adhere to the provisions of this Code, under which all customers can expect to receive fair and reasonable treatment from this Rolling Stock Leasing Company (ROSCO). This Code is also designed to ensure that all contracts are entered into between customers and suppliers in a free and competitive environment.</p>\n<p>1.2 We will apply this Code in a manner which takes into account the interests of the Train Operating Companies (TOCs) and passengers whilst satisfying our requirement to secure a commercial return on investment. The Code establishes a general behavioural framework rather than a set of rigid rules, as the latter would inhibit the proper development of the market and, therefore, would not be in the interest of either passengers or the industry.</p>\n<h4>Fairness and reasonable terms</h4>\n<p>1.3 We will always seek to offer terms that are fair and reasonable and in accordance with this Code and under no circumstances will we abuse or seek to abuse any significant market power we may have as a result of the particular market conditions prevailing from time to time.</p>\n<p>1.4 In addition, we also accept the importance of behaving in a fair and reasonable manner at the time of franchise renewal and, to that end, we will not abuse any significant market power that we might enjoy at that time. We will offer quotes to potential franchise operators supported by the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, on a fair basis. Our dealings with potential franchise operators will be on a fair and reasonable basis.</p>\n<h4>Non-preferential treatment for vertically integrated companies</h4>\n<p>1.5 Where a customer is owned in whole or in part or controlled by this company or is directly or indirectly owned in whole or in part or controlled by a company which also owns or controls this company we will not give any preference to that customer, except on the basis of the factors outlined in this Code in paragraph 2.21, although in exceptional circumstances additional factors may be taken into account.</p>\n<h4>Enforceability and Compliance</h4>\n<p>1.6 The Code must be seen in the context of the legal and contractual relationship which exists between this company and its customers. It is important to appreciate that the Code does not constitute a contract and does not constitute an agreement or intention to vary, waive, amend, replace or add to any existing contractual terms.</p>\n<p>1.7 We will seek to comply with the provisions of this Code. Principal responsibility for compliance with the Code shall lie with the Compliance Officer identified in the Foreword.<br /></p>\n<h3 id=\"areas-application\">Areas of Application</h3>\n<h4>Lease Terms</h4>\n<p><strong>Introduction</strong><br /></p>\n<p>2.1 We will continue to adopt a flexible and customer-driven approach to all aspects of lease terms and seek, so far as is possible, to meet the individual needs of specific customers. We will offer prices and other terms which reflect the value of the services provided and risks assumed.</p>\n<p>2.2 In considering customer requests in relation to proposed or existing lease terms (including requests relating to the period of the lease; sub-leases; handbacks and cancellations; cascades; mixing of stock and modifications) we will normally take into account some or all of the criteria listed in paragraphs 2.3 to 2.20 and 2.22 below, as applicable, although, in exceptional circumstances, we may take into account additional criteria. Additional criteria applicable to individual leases will, whenever it is reasonably possible to do so and subject to confidentiality requirements, be identified to customers during negotiation of a lease, including during the negotiation of any variations of a lease.</p>\n<h4>Lease terms for new trains</h4>\n<p>2.3 We will seek to ensure that any acceptance regime we negotiate in respect of new trains, to be procured by us from a manufacturer and leased to a customer, does not unfairly oblige the customer to accept trains which are not fit to enter revenue-earning service.</p>\n<h4>Flexible periods</h4>\n<p>2.4 We will seek to accommodate customers’ requirements for particular lease periods. The length of the proposed lease period is one of the factors influencing the lease charge (as listed in paragraph 2.21). In particular, lease charges will typically reflect the impact of different length leases on the expected value of the rolling stock over its entire lifetime, with lower charges tending to apply where uncertainty about releasing is reduced. The impact of specific lease periods on the lease charge will typically depend on:</p>\n<ul><li>the contracted proportion of the future anticipated life of the rolling stock;</li><li>the likely demand for the particular stock at the end of the proposed lease period;</li><li>the extent to which the payments during the term of the lease facilitate raising finance for the relevant rolling stock;</li><li>the reduced residual value risk when rolling stock is leased for longer periods of time;</li><li>the reduced marketing costs associated with leases which are re-let on fewer occasions; and</li><li>whether the lease and the franchise are coterminous.</li></ul><h4>Sub-leasing</h4>\n<p>2.5 Customer requests to sub-lease rolling stock will usually be considered favourably and our consent given provided that we know the identity of the person using the rolling stock, where the rolling stock is to be located and are satisfied that the terms and conditions imposed on the sub-lessee are no less favourable than those in the original lease. In order for us to consent to the sub-lease of particular rolling stock, we will typically seek confirmation that:</p>\n<p>the sub-lessee will be able to operate and maintain the rolling stock to the required safety standards;</p>\n<p>any Government undertakings or any security interests in the rolling stock are maintained;</p>\n<p>the sub-lessee has a satisfactory operational record and creditworthiness such that it will not affect the primary lessee’s obligations;</p>\n<p>there will be no reduction in the anticipated quality and reliability of the rolling stock concerned, taking into account the proposed use of the rolling stock;</p>\n<p>there will be no restriction placed on our security of interest in the rolling stock to be sub-leased; and</p>\n<p>there will be no reduction in capital allowances in respect of the rolling stock.</p>\n<h4>Handbacks and early termination</h4>\n<p>2.6 A lease may contain provision for the handback of rolling stock or for the early termination of the lease, or both. There is a relationship between the inclusion of one or both of these provisions and the price at which the rolling stock is leased. For example, in the case of a lease containing an early termination provision, the value to the customer of the early termination provision will be reflected in the lease terms.</p>\n<p>2.7 Where a lease provides for the handback of rolling stock and the sharing between ourselves and the original lessee of any subsequent rental payments, we will use our best endeavours to find alternative uses for the rolling stock in the U.K.</p>\n<p>2.8 If a lease does not contain any provisions relating to the handback of rolling stock or the early termination of the lease, we will consider proposals for alternative arrangements for the use of the rolling stock in question. If alternative uses for the rolling stock can be arranged, we will explore with the original lessee the implications of such alternative use, including some release of the lessee’s obligations under its existing lease. Facilitating cascades between customers</p>\n<p>2.9 A special case of handback occurs when stock is cascaded, enabling TOCs to take advantage of newer stock which becomes available for leasing. Such transactions usually require the approval of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and involve rolling stock transferring between several TOCs, at present mainly through sub-leasing arrangements.</p>\n<p>2.10 We will consider all reasonable requests for cascades and will (subject to the wishes of the existing lessee) bring opportunities for cascades to the attention of present and potential customers who we may reasonably believe may be interested in such rolling stock. It is to be noted that, depending on the nature of the rolling stock, the costs of performing any particular cascade, any material difference in the creditworthiness of the different TOCs involved, any government undertakings or security interests which may need to be transferred and the requirements of the underlying financing, some changes to lease charges may be required. </p>\n<h4>Mixing of Stock within Train Sets</h4>\n<p>2.11 Where we lease individual vehicles, we do not expect to place any restriction on a customer combining these vehicles with other vehicles built to compatible standards and leased from another lessor, within the same train formation, provided that such arrangement is consistent with the required safety standards and does not adversely affect our existing contractual or financing arrangements.</p>\n<p>2.12 Where we lease multiple-units, a customer can combine such stocks with compatible multiple-units leased from other lessors to form a train where the units in question have compatible standards and safe operational characteristics (such as maximum speed).</p>\n<p>2.13 Where we lease a fixed formation train, a customer may not normally vary the formation of that train unless this is specifically provided for in the lease terms. However, we will consider reasonable proposals to vary fixed formation rolling stock and will assess the implications of such proposals on applicable lease charges. In doing so, we will take account of the impact of the proposed variation on:</p>\n<ul><li>the loading on power units (if applicable);</li><li>maintenance programmes, standards and safety requirements;</li><li>the technical performance of the rolling stock (in terms of reliability, working life and maintenance requirements);</li><li>the future commercial value of the rolling stock (including the nature of the offer that could be made on releasing the rolling stock); and</li></ul><p>the consent of third parties, if required.</p>\n<p>2.14 Where both we and another supplier own spare vehicles which, in combination, could allow a complete train or multiple-unit to be created, then we will negotiate in good faith with that supplier either a pooling arrangement or a purchase/sale price. We reserve the right to satisfy ourselves that the condition of the other supplier’s rolling stock to be mixed or sold in this way is satisfactory and, in respect of pooling arrangements, that our rolling stock will remain commercially attractive to re-let at the end of the applicable lease period. In such circumstances we will negotiate in good faith and under the auspices of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate.</p>\n<h4>Maintenance</h4>\n<p>2.15 We will seek to develop and promote maintenance arrangements which have regard to the interests of passengers. Such arrangements will include a maintenance regime (that is the periodic overhaul of the rolling stock) which achieves required safety levels, sustains operating efficiency and preserves the working life of the train.</p>\n<p>2.16 We recognise that each customer will have specific requirements in relation to maintenance and we are willing to consider a range of possibilities including: the customer undertaking maintenance; our arranging maintenance or the sharing of such undertakings and arranging in a specified manner. Whichever option is adopted, it is of course essential that the required standards of safety and maintenance are observed and that there is proper opportunity for monitoring, inspection and enforcement.</p>\n<p>Where we have contractual responsibility for maintenance we will process claims arising from this responsibility in a timely manner following the receipt of all relevant information from the customer.</p>\n<p>2.17 We will:</p>\n<ul><li>be receptive to ideas from customers and suppliers as regards methods of improving rolling stock maintenance, including methods of improving the supply of spare parts;</li><li>proactively seek ways of improving maintenance arrangements;</li><li>ensure that arrangements are in place that promote an effective supply of ‘scarce spares’; and</li><li>offer, whenever practical, a performance regime commensurate with our ability to manage the associated risks.</li></ul><p>2.18 The basis for determining maintenance charges is that they should reflect the whole life cost of maintaining the asset. Where changes are made to the contracted maintenance arrangements, we will aim to agree an equitable allocation of any incremental costs or savings. The criteria that will be taken into account in allocating costs and savings will usually include one or more of the following, although in exceptional circumstances additional criteria may be taken into account:</p>\n<ul><li>the period over which the costs or savings will arise;</li><li>the impact of the change on the estimated residual value;</li><li>the impact on the customer’s operating costs; and</li><li>the risks associated with the proposed changes.</li></ul><h4>Modifications</h4>\n<p>2.19 We will consider all reasonable requests for rolling stock modifications subject to the existing conditions of the relevant lease. When considering such requests we will have regard to such factors as:</p>\n<p>whether the modification is compatible with the objectives of improving safety and reliability;</p>\n<p>whether the modification is likely to increase (or decrease) the value of the stock to subsequent lessees and, therefore, the residual value at the end of the current lease term;</p>\n<p>whether the modification will have an appreciable effect on the overall value of the broader portfolio of rolling stock; and</p>\n<p>the requirements of any relevant existing financing arrangements.</p>\n<p>We will agree to share with the customer the cost of agreed modifications where we reasonably believe that the modifications will have a value to us after the expiry of the existing lease and if the required funds are available.</p>\n<p>Where we are responsible for implementing mandatory safety modifications we will, subject to the terms of the lease and provided that the relevant customer co-operates, use reasonable endeavours to agree a suitable, compliant programme for fitment that minimises, where practicable and subject to relevant legal requirements, the time that vehicles are unavailable for revenue-earning service.</p>\n<h3>Pricing Issues</h3>\n<h4>Avoidance of excessive or predatory prices</h4>\n<p>2.20 We will seek to agree prices which are reasonable having regard to the economics of the rolling stock, the specific terms of the proposed contract and broader market conditions.</p>\n<h4>Principal factors for determining and agreeing prices</h4>\n<p>2.21 We will negotiate prices in good faith. The factors we take into account in agreeing a lease price will usually include some or all of the following although additional factors may be taken into account:</p>\n<ul><li>the terms of the contract;</li><li>the financing, acquisition and development costs of the rolling stock;</li><li>maintenance arrangements and costs in respect of the rolling stock;</li><li>the type and characteristics of the rolling stock;</li><li>the physical condition and proposed use of the rolling stock;</li><li>the estimated residual value of the rolling stock (see paragraph 2.22 below);</li></ul><p>the length of the contracted period;</p>\n<p>expected rental and performance characteristics of the rolling stock that could compete with the stock concerned;</p>\n<p>any customer specific factors (such as credit worthiness, operational record);</p>\n<p>current and anticipated levels of taxation, inflation and interest rates; and</p>\n<p>treatment of changes in applicable law.</p>\n<h4>Residual Value</h4>\n<p>2.22 The residual value of the rolling stock is the forecast value of the future income beyond the proposed contracted period of the lease, and constitutes a commercial risk accepted by ourselves. Our estimate of residual value will be determined mainly by the following factors:</p>\n<p>the projected level of lease rentals for the rolling stock;</p>\n<p>the projected working life of the rolling stock;</p>\n<p>the expected degree of utilisation of the stock over its remaining working life. This depends on both the expected balance between supply and demand in the rolling stock leasing market (or the relevant market segment) and also the nature of the stock (for example, the extent to which it can be used on different parts of the network);</p>\n<p>the economic, legal and regulatory environment (including safety and other matters);</p>\n<p>contract-specific factors, such as the proposed use of the train; and</p>\n<p>the discount rate(s) or cash flow implications applied to the particular lease.</p>\n<h3 id=\"stock\">Stock Available for Lease and Disposal of Stock</h3>\n<h4>Advertising of available stock</h4>\n<p>3.1 From time to time, we will make available to all operators and to the Office of Rail Regulation a list of stock which is available for lease, indicating the type, age and condition of the stock. We will respond promptly to bona fide enquiries from potential customers regarding the lease of such stock.</p>\n<h4>Refurbishment and disposal</h4>\n<p>3.2 The list of rolling stock available for lease will also indicate where we propose to dispose of a vehicle (i.e. withdraw for scrapping or sale outside of Great Britain ). No rolling stock shall be disposed of until this statement of intention has appeared on a published list for at least three months, and the condition of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, relating to the disposal of vehicles has been complied with.</p>\n<p>3.3 We will explore with potential customers, upon reasonable request, the scope for refurbishing stock which is available for lease, in order to enhance its attractiveness, subject to the commercial considerations set out in paragraphs 2.19 and 2.21.</p>\n<p>3.4 \"Stock available for lease\" excludes rolling stock which is reserved by us for use as donor vehicles whose parts can be used as spares for other rolling stock; or as rolling stock available to be substituted for rolling stock currently on-lease and either the terms of the lease make specific provision for stock to be reserved or; because of the nature of the contract (in particular the payment or performance regime) it is reasonable for rolling stock to be reserved for substitution.</p>\n<p>3.5 A separate list of stock withheld as donor vehicles will be supplied to the Office of Rail Regulation on those occasions when a list is provided under the terms of paragraph 3.1. We will minimise the number of donor vehicles and retain no more than the number of vehicles required to maintain a supply of spares at a prudent level. The criteria we would have regard to in deciding whether particular rolling stock should be reserved as a donor vehicle will normally include some or all of the following:</p>\n<ul><li>our existing supply of equivalent spares;</li><li>the anticipated requirement for such spares;</li><li>the availability of alternative supplies; and</li><li>any existing contractual obligations and safety requirements</li></ul><h3 id=\"releasing\">Re-leasing and Future Franchising Rounds</h3>\n<p>Information to bidders and Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate</p>\n<p>4.1 We are committed to assisting the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, during the re-franchising process. We will offer lease and maintenance (when appropriate) terms to all qualified bidders during the re-franchising process in a timely manner. Having been selected as preferred supplier we will endeavour to enter into a contract in respect of a lease and (where appropriate) maintenance agreements with the selected bidder for the franchise, such that new leases will be in place in good time before the new franchise period is due to commence.<br /></p>\n<h3 id=\"confidentiality\">Confidentiality</h3>\n<p>5.1 We will not disclose any confidential information to third parties in relation to our customers save where:</p>\n<ul><li>the information is already in the public domain;</li><li>there is a legal duty on us to disclose such confidential information;</li><li>we are required to provide the information by the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, the Office of Fair Trading or by any court or other competent authority;</li><li>disclosure is made at the request of the customer; or</li><li>disclosure is to our parent or affiliate provided that any such disclosure is made in accordance with any applicable undertakings to the Secretary of State relating to the disclosure of such information.</li></ul><p>5.2 We will respect our customer’s entitlement to require, prevent or restrict the disclosure of confidential information. However, in keeping with the commitments of fairness which we have given in this Code, customers should be aware that we will not withhold information nor disclose information (including information which the customer has requested to be disclosed) with the intention of restricting or distorting competition in the rolling stock market or in circumstances in which the disclosure may have the effect of so restricting or distorting competition.</p>\n<p>5.3 We expect our customers to observe similar standards in relation to confidential information provided to them.</p>\n<h3>Complaints and Contract</h3>\n<p>6.1 One of our key objectives is to maintain constructive relations with our customers and avoid the need for our customers to invoke any complaints procedure. Where a customer considers that it does have cause to complain, we will always acknowledge the fact that a complaint has been made (in writing) and will take the complaint forward in a timely and efficient manner. Complaints should, in the first instance, be addressed to the contact identified in the Foreword.<br /></p>\n<h3 id=\"liability\">Liability and Insurance</h3>\n<p>7.1 We will continue to make rolling stock property insurance available to our customers and charge on the basis of passing the cost of arranging such insurance through to customers. We will give proper consideration to any suggested alternatives in relation to insurance, subject to ensuring that our interests in the rolling stock are adequately protected.<br /></p>\n<h3>Arrangements for Promoting, Reviewing and Changing the Code</h3>\n<p>8.1 We will make copies of this Code available to all existing customers and on request to all prospective customers, and will take reasonable steps to make customers and prospective customers aware of the existence of the Code.</p>\n<p>8.2 The Code will be reviewed, and where appropriate amended, at periodic intervals. Prior to amending the Code we will consult with and take account of the views of the Office of Rail Regulation in respect of such proposed amendments.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'<ul><li><a href=\"#people\">People</a></li><li><a href=\"#safety\">Safety</a></li><li><a href=\"#environment\">Environment</a></li><li><a href=\"#antislavery\">Anti-Slavery</a></li><li><a href=\"#code\">Code of Practice</a></li></ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1389,4064,1,'Our Policies','2019-11-05 16:47:05','2019-11-05 16:47:06','63971d0c-11ac-476c-aa1c-5735e63b7ab6',NULL,'<h2 id=\"people\">People</h2>\n<p>Porterbrook is an equal opportunities employer; the company recognises employing people from diverse backgrounds adds value to the way Porterbrook does business.</p>\n<p>Selection and promotion is based on the relevant aptitudes, abilities and skills to do the job. Porterbrook values its employees and invests in training, provided via its Training and Development Manager or on externally led courses. Training is available to all, based on assessments of personal development and business competency needs.</p>\n<p>Porterbrook seeks to communicate regularly with its employees. In addition to informal daily interactions Porterbrook also holds quarterly staff forums, and encourages voluntary participation in focus groups. Porterbrook recognises the need for work/life balance and offers a range of flexible working and leave options.</p>\n<h2 id=\"safety\">Safety</h2>\n<p>The safety policy of the Porterbrook Group is to provide safe and healthy working conditions for all our employees and to provide appropriate training as needed to enable the fulfilment of these aims.</p>\n<p>As a provider and maintainer of vehicles and other equipment for operation in the transport sector, we fully recognise the extent of our responsibilities to all those people who may be affected by our business activities, and therefore have arrangements in place for the effective discharge of our obligations for the provision of safe vehicles and equipment.</p>\n<p>Porterbrook supplies trains and other equipment for use in the operational railway. It exercises due diligence in the supply of these products, monitors safety performance in service and, in appropriate cases, advises customers or suppliers of relevant safety issues.</p>\n<p>Porterbrook supports its customers by understanding applicable safety standards and co-operating with those customers in providing information where this is relevant to the operation of the asset. Information exchange on relevant safety matters also takes place with Porterbrook’s suppliers. Porterbrook procures its goods and services via contracts and these contracts are fundamental to the way in which safety is delivered.</p>\n<p>The elements of this approach that assure the delivery of safety are:</p>\n<ul><li>To select and manage suppliers, ensuring that they are both competent to perform the task and that they fully understand their safety obligations</li><li>To provide specifications and procedures which are clear and unambiguous</li><li>To implement effective management of ongoing activities</li><li>To implement effective management of change</li><li>To carry out relevant checks and audits</li></ul><p> </p>\n<h2 id=\"environment\">Environment</h2>\n<p>Porterbrook is committed to maintaining and improving the environment by using and specifying products and technologies that are sustainable in the long term.</p>\n<p>To fulfil its sustainable and environmental objectives, Porterbrook will concentrate its efforts to ensure that in its business activities it seeks to:</p>\n<ul><li>Reduce its impact through the assessment and control of waste generated by the operation of the Company’s assets or the conduct of its business.</li><li>Identify and implement measures to minimise the dependency on fossil fuels for the operation of the business</li><li>Identify and implement arrangements to optimise the performance of the asset base to minimise the effects caused by noise, vibration and electromagnetic interference.</li><li>Ensure the Company’s suppliers have similar policies as part of the accreditation process.</li></ul><h2 id=\"antislavery\">Anti Slavery</h2>\n<p>Modern Slavery and Human Trafficking Statement for</p>\n<p>Porterbrook Holdings I Limited<br />Porterbrook Holdings II Limited <br />The Porterbrook Partnership <br />Porterbrook Rail Finance Limited<br />Porterbrook Leasing Mid Company Limited <br />Porterbrook Leasing Company Limited <br />Porterbrook Maintenance Limited <br />Porterbrook Leasing Asset Company Limited</p>\n<p>(“Porterbrook”) for 2017 financial year</p>\n<p>This statement is made pursuant to s.54 of the Modern Slavery Act 2015 (“Modern Slavery Act”).</p>\n<p>We are committed to doing all that we can to combat slavery and human trafficking and we realise that slavery and human trafficking can occur in many forms, such as forced labour, child labour, domestic servitude and workplace abuse (“Modern Slavery”).</p>\n<p>We have a zero tolerance approach to Modern Slavery and this statement sets out the steps that Porterbrook has undertaken, and is continuing to take, to ensure that Modern Slavery is not taking place within our business or supply chain.</p>\n<h3>Our organisation</h3>\n<p>The Porterbrook group operates in the United Kingdom, specialising in the leasing of all types of railway rolling stock and associated equipment. Not all legal entities within the group fall within the criteria defined in the Modern Slavery Act, but the policies and procedures in place to prevent Modern Slavery are common across all companies within the Porterbrook group. This statement is therefore made and is applicable to all companies within the Porterbrook group, as listed above.</p>\n<h3>Our policies</h3>\n<p>We operate a number of internal policies to help ensure that we are conducting business in an ethical and transparent manner. These include:</p>\n<ol><li>Anti-slavery and Human Trafficking policy. This policy reflects our commitment to acting ethically and with integrity in all our business relationships. The policy sets out the roles and responsibilities of Porterbrook employees in identifying any instances of Modern Slavery and how they should be acting on them. A link to this policy is here: <a href=\"{asset:176:url}\">Anti-slavery and Human Trafficking policy</a></li><li>Whistleblowing policy. This sets out the whistleblowing policy, so that all employees know that they can raise concerns about how colleagues are being treated, or practices within our business or supply chain, without fear of reprisals. A link to this policy is here: <a href=\"{asset:174:url}\">Whistleblowing policy</a></li><li>Code of Conduct for Suppliers. This code sets out the standard of behaviour expected of suppliers to our business. A link to this code is here: <a href=\"{asset:175:url}\">Code of Conduct for Suppliers</a></li><li>Code of Practice. This is a voluntary code setting out Porterbrook’s business philosophy and the company’s core working values. A link to this code is here: <a href=\"#code\">Code of Practice</a></li></ol><h3>Risk Assessments</h3>\n<p>We have undertaken stringent risk assessments of slavery and human trafficking within Porterbrook’s supply chain, as well as within our own operations.</p>\n<p> <br />For our own operations, we considered: the location of our operations, the roles being performed, the recruitment processes and the absence to date of reports of concerns regarding slavery and human trafficking. We also undertake “right to work” checks on all of our employees prior to them commencing their role. This includes checking, where applicable, that the employee has a valid work visa and is of an appropriate age to work. Based on these risk assessments, we deem the risk of human trafficking occurring within our employee population (including our agency and contract staff under our direct supervision) to be low.<br /><br />For our suppliers, the risk assessment includes mapping out our supply chains to assess particular industry and geographical risks to cover the entire scope of Porterbrook’s operations. We considered the risks based on where our suppliers are based, the products and services being supplied and the volume of spend. We recognised that our biggest exposure to Modern Slavery would be in our supply chain so put in place systems to mitigate these risks.</p>\n<h3>Our suppliers</h3>\n<p>We conduct due diligence on all of our suppliers and have a rigorous supplier accreditation process before we approve them. Many of our suppliers hold international quality standards and accreditations and are regularly audited both by the issuing authorities and ourselves (or agents acting on behalf of Porterbrook) to ensure ongoing compliance to quality standards and regulatory requirements.</p>\n<p>Our due diligence process and commitment to ensuring transparency in our supply chain involves evaluating our active suppliers by considering their response to our supplier self-assessment questionnaire. The information that we require from the questionnaire includes:</p>\n<ol><li>whether they have a programme to ensure that forced labour does not exist in their operations and supply chain;</li><li>whether they work with third parties to identify the risks of slavery and human trafficking;</li><li>the number of suppliers they have (direct and indirect);</li><li>whether they have identified any instances of slavery in their supply chain;</li><li>whether they have a process to remediate abuses; and</li><li>whether their audits include specific provisions on slavery and human trafficking.</li></ol><p>In addition to the above, our supplier accreditation process requires all our suppliers to operate under our Code of Conduct for Suppliers and meet the minimum standards outlined in it. This includes that:</p>\n<ol><li>suppliers will adhere to minimum age provisions of applicable laws and regulations, including being proactive in ensuring wages, working hours and conditions are appropriate for the employee;</li><li>suppliers will not use forced, bonded, compulsory labour or servitude or any form of human trafficking;</li><li>suppliers will provide employees and workers with a central grievance procedure without fear of reprisals; and</li><li>suppliers must ensure their workers and employees receive training regarding compliance with our Code of Conduct for Suppliers.</li></ol><h3>Training</h3>\n<p>We conduct Modern Slavery training for all staff so that they are aware of the issues surrounding Modern Slavery and what to do if they suspect that it is taking place within our supply chain. All employees have been provided with a Modern Slavery briefing note on the Modern Slavery Act.</p>\n<p> </p>\n<h3>Approval for this statement</h3>\n<p>This statement was approved by the Board of Directors on 29 November 2018.</p>\n<p>Chris McClure</p>\n<p>Director &amp; Company Secretary 29 November 2018<br /></p>\n<h2 id=\"code\">Code of Practice</h2>\n<ol><li><a href=\"#foreword\">Foreword</a></li><li><a href=\"#introduction\">Introduction</a></li><li><a href=\"areas-application\">Areas of Application</a></li><li><a href=\"#stock-available\">Stock Available for Lease and Disposal of Stock</a></li><li><a href=\"#releasing\">Re-leasing and Future Franchising Rounds</a></li><li><a href=\"#confidentiality\">Confidentiality</a></li><li><a href=\"#complaints\">Complaints and Contract</a></li><li><a href=\"#liability\">Liability and Insurance</a></li><li><a href=\"#arrangements\">Arrangements for Promoting, Reviewing and Changing the Code</a></li></ol><h3 id=\"foreword\">Foreword</h3>\n<h4>1. Background</h4>\n<p>1.1 In July 1998 the Government issued a White Paper which referred to and accepted the then Rail Regulator’s recommendation that rolling stock leasing companies should be asked to produce Codes of Practice covering their dealings with train operating companies. This Code of Practice (the \"Code\") has been prepared by Porterbrook Leasing Company Limited (\"Porterbrook\") in response to that recommendation and sets out our approach to the market and the manner in which our customers can expect to build constructive partnerships with us. The Code explains the basis on which our business practices are founded and indicates our understanding and support of the public interest objective of creating a safe, competitive and efficient rail industry which meets the needs of passengers.</p>\n<p>1.2 In July 2009 Porterbrook gave undertakings to the Competition Commission that it would remove the non-discrimination obligations from the Code, in accordance with the findings of the Competition Commission in the Final Report from its Rolling Stock Leasing Market Investigation.</p>\n<h4>2. Our Business Philosophy</h4>\n<p>2.1 We are in business to offer a full range of rolling stock leasing services tailored to meet our customers’ particular needs. We have a long term financial interest in the rolling stock that we own and a long term commitment to the industry.</p>\n<p>2.2 In fulfilling our role, our key business objectives are:</p>\n<p>-to provide a safe, reliable and efficient service that customers and passengers regard as good value for money; -to build long-term relationships with our customers; and -to show professionalism in all that we do.</p>\n<p>2.3 We will at all times seek to act fairly and to develop constructive relationships with all participants in the rail industry, including existing franchisees, potential new customers, other Rolling Stock Leasing businesses, the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and the Department for Transport or Transport Scotland.</p>\n<h4>3. Our Service Commitment</h4>\n<p>3.1 We aim to offer customers a full range of services covering, depending on customer requirements: the provision of operating leases; the management of new vehicle procurement; and the provision of maintenance services.</p>\n<p>3.2 We are committed to supporting our customers in their role of providing passengers with a safe, economically efficient and reliable railway service. In doing this we will:</p>\n<p>act fairly and reasonably in all our dealings;</p>\n<p>seek to respond to requests in a timely manner having regard to customer needs;</p>\n<p>strive for continuous improvement in the reliability and quality of our rolling stock in so far as such matters are within our control;</p>\n<p>engage in a regular dialogue with lessees regarding our current service performance and future plans;</p>\n<p>invest in our existing rolling stock to maintain its commercial attractiveness where it is economic to do so;</p>\n<p>accept performance and investment risks where it is appropriate and practical to do so; and</p>\n<p>be a source of advice or guidance to our customers on rolling stock.</p>\n<h4>4. Safety</h4>\n<p>4.1 We are fundamentally committed to the provision of a safe and secure railway system and this is a key priority in respect of all our customer relationships.</p>\n<h4>5. Complaints Procedure</h4>\n<p>5.1 Any customer, or potential customer who believes that the terms of this Code have been breached, should in the first instance contact Stephen McGurk , the Compliance Officer for Porterbrook, at Ivatt House, Pinnacle Way, Derby, Pride Park, Derby DE24 8ZS .<br /></p>\n<h3 id=\"introduction\">Introduction</h3>\n<p>1.1 This Code establishes a behavioural framework for the conduct of passenger rolling stock leasing over the national railway network of Great Britain . It is designed to provide appropriate assurances for our customers whilst not unnecessarily restricting commercial activity in a rapidly changing market. We are committed to adhere to the provisions of this Code, under which all customers can expect to receive fair and reasonable treatment from this Rolling Stock Leasing Company (ROSCO). This Code is also designed to ensure that all contracts are entered into between customers and suppliers in a free and competitive environment.</p>\n<p>1.2 We will apply this Code in a manner which takes into account the interests of the Train Operating Companies (TOCs) and passengers whilst satisfying our requirement to secure a commercial return on investment. The Code establishes a general behavioural framework rather than a set of rigid rules, as the latter would inhibit the proper development of the market and, therefore, would not be in the interest of either passengers or the industry.</p>\n<h4>Fairness and reasonable terms</h4>\n<p>1.3 We will always seek to offer terms that are fair and reasonable and in accordance with this Code and under no circumstances will we abuse or seek to abuse any significant market power we may have as a result of the particular market conditions prevailing from time to time.</p>\n<p>1.4 In addition, we also accept the importance of behaving in a fair and reasonable manner at the time of franchise renewal and, to that end, we will not abuse any significant market power that we might enjoy at that time. We will offer quotes to potential franchise operators supported by the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, on a fair basis. Our dealings with potential franchise operators will be on a fair and reasonable basis.</p>\n<h4>Non-preferential treatment for vertically integrated companies</h4>\n<p>1.5 Where a customer is owned in whole or in part or controlled by this company or is directly or indirectly owned in whole or in part or controlled by a company which also owns or controls this company we will not give any preference to that customer, except on the basis of the factors outlined in this Code in paragraph 2.21, although in exceptional circumstances additional factors may be taken into account.</p>\n<h4>Enforceability and Compliance</h4>\n<p>1.6 The Code must be seen in the context of the legal and contractual relationship which exists between this company and its customers. It is important to appreciate that the Code does not constitute a contract and does not constitute an agreement or intention to vary, waive, amend, replace or add to any existing contractual terms.</p>\n<p>1.7 We will seek to comply with the provisions of this Code. Principal responsibility for compliance with the Code shall lie with the Compliance Officer identified in the Foreword.<br /></p>\n<h3 id=\"areas\">Areas of Application</h3>\n<h4>Lease Terms</h4>\n<p><strong>Introduction</strong><br /></p>\n<p>2.1 We will continue to adopt a flexible and customer-driven approach to all aspects of lease terms and seek, so far as is possible, to meet the individual needs of specific customers. We will offer prices and other terms which reflect the value of the services provided and risks assumed.</p>\n<p>2.2 In considering customer requests in relation to proposed or existing lease terms (including requests relating to the period of the lease; sub-leases; handbacks and cancellations; cascades; mixing of stock and modifications) we will normally take into account some or all of the criteria listed in paragraphs 2.3 to 2.20 and 2.22 below, as applicable, although, in exceptional circumstances, we may take into account additional criteria. Additional criteria applicable to individual leases will, whenever it is reasonably possible to do so and subject to confidentiality requirements, be identified to customers during negotiation of a lease, including during the negotiation of any variations of a lease.</p>\n<h4>Lease terms for new trains</h4>\n<p>2.3 We will seek to ensure that any acceptance regime we negotiate in respect of new trains, to be procured by us from a manufacturer and leased to a customer, does not unfairly oblige the customer to accept trains which are not fit to enter revenue-earning service.</p>\n<h4>Flexible periods</h4>\n<p>2.4 We will seek to accommodate customers’ requirements for particular lease periods. The length of the proposed lease period is one of the factors influencing the lease charge (as listed in paragraph 2.21). In particular, lease charges will typically reflect the impact of different length leases on the expected value of the rolling stock over its entire lifetime, with lower charges tending to apply where uncertainty about releasing is reduced. The impact of specific lease periods on the lease charge will typically depend on:</p>\n<ul><li>the contracted proportion of the future anticipated life of the rolling stock;</li><li>the likely demand for the particular stock at the end of the proposed lease period;</li><li>the extent to which the payments during the term of the lease facilitate raising finance for the relevant rolling stock;</li><li>the reduced residual value risk when rolling stock is leased for longer periods of time;</li><li>the reduced marketing costs associated with leases which are re-let on fewer occasions; and</li><li>whether the lease and the franchise are coterminous.</li></ul><h4>Sub-leasing</h4>\n<p>2.5 Customer requests to sub-lease rolling stock will usually be considered favourably and our consent given provided that we know the identity of the person using the rolling stock, where the rolling stock is to be located and are satisfied that the terms and conditions imposed on the sub-lessee are no less favourable than those in the original lease. In order for us to consent to the sub-lease of particular rolling stock, we will typically seek confirmation that:</p>\n<p>the sub-lessee will be able to operate and maintain the rolling stock to the required safety standards;</p>\n<p>any Government undertakings or any security interests in the rolling stock are maintained;</p>\n<p>the sub-lessee has a satisfactory operational record and creditworthiness such that it will not affect the primary lessee’s obligations;</p>\n<p>there will be no reduction in the anticipated quality and reliability of the rolling stock concerned, taking into account the proposed use of the rolling stock;</p>\n<p>there will be no restriction placed on our security of interest in the rolling stock to be sub-leased; and</p>\n<p>there will be no reduction in capital allowances in respect of the rolling stock.</p>\n<h4>Handbacks and early termination</h4>\n<p>2.6 A lease may contain provision for the handback of rolling stock or for the early termination of the lease, or both. There is a relationship between the inclusion of one or both of these provisions and the price at which the rolling stock is leased. For example, in the case of a lease containing an early termination provision, the value to the customer of the early termination provision will be reflected in the lease terms.</p>\n<p>2.7 Where a lease provides for the handback of rolling stock and the sharing between ourselves and the original lessee of any subsequent rental payments, we will use our best endeavours to find alternative uses for the rolling stock in the U.K.</p>\n<p>2.8 If a lease does not contain any provisions relating to the handback of rolling stock or the early termination of the lease, we will consider proposals for alternative arrangements for the use of the rolling stock in question. If alternative uses for the rolling stock can be arranged, we will explore with the original lessee the implications of such alternative use, including some release of the lessee’s obligations under its existing lease. Facilitating cascades between customers</p>\n<p>2.9 A special case of handback occurs when stock is cascaded, enabling TOCs to take advantage of newer stock which becomes available for leasing. Such transactions usually require the approval of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, and involve rolling stock transferring between several TOCs, at present mainly through sub-leasing arrangements.</p>\n<p>2.10 We will consider all reasonable requests for cascades and will (subject to the wishes of the existing lessee) bring opportunities for cascades to the attention of present and potential customers who we may reasonably believe may be interested in such rolling stock. It is to be noted that, depending on the nature of the rolling stock, the costs of performing any particular cascade, any material difference in the creditworthiness of the different TOCs involved, any government undertakings or security interests which may need to be transferred and the requirements of the underlying financing, some changes to lease charges may be required. </p>\n<h4>Mixing of Stock within Train Sets</h4>\n<p>2.11 Where we lease individual vehicles, we do not expect to place any restriction on a customer combining these vehicles with other vehicles built to compatible standards and leased from another lessor, within the same train formation, provided that such arrangement is consistent with the required safety standards and does not adversely affect our existing contractual or financing arrangements.</p>\n<p>2.12 Where we lease multiple-units, a customer can combine such stocks with compatible multiple-units leased from other lessors to form a train where the units in question have compatible standards and safe operational characteristics (such as maximum speed).</p>\n<p>2.13 Where we lease a fixed formation train, a customer may not normally vary the formation of that train unless this is specifically provided for in the lease terms. However, we will consider reasonable proposals to vary fixed formation rolling stock and will assess the implications of such proposals on applicable lease charges. In doing so, we will take account of the impact of the proposed variation on:</p>\n<ul><li>the loading on power units (if applicable);</li><li>maintenance programmes, standards and safety requirements;</li><li>the technical performance of the rolling stock (in terms of reliability, working life and maintenance requirements);</li><li>the future commercial value of the rolling stock (including the nature of the offer that could be made on releasing the rolling stock); and</li></ul><p>the consent of third parties, if required.</p>\n<p>2.14 Where both we and another supplier own spare vehicles which, in combination, could allow a complete train or multiple-unit to be created, then we will negotiate in good faith with that supplier either a pooling arrangement or a purchase/sale price. We reserve the right to satisfy ourselves that the condition of the other supplier’s rolling stock to be mixed or sold in this way is satisfactory and, in respect of pooling arrangements, that our rolling stock will remain commercially attractive to re-let at the end of the applicable lease period. In such circumstances we will negotiate in good faith and under the auspices of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate.</p>\n<h4>Maintenance</h4>\n<p>2.15 We will seek to develop and promote maintenance arrangements which have regard to the interests of passengers. Such arrangements will include a maintenance regime (that is the periodic overhaul of the rolling stock) which achieves required safety levels, sustains operating efficiency and preserves the working life of the train.</p>\n<p>2.16 We recognise that each customer will have specific requirements in relation to maintenance and we are willing to consider a range of possibilities including: the customer undertaking maintenance; our arranging maintenance or the sharing of such undertakings and arranging in a specified manner. Whichever option is adopted, it is of course essential that the required standards of safety and maintenance are observed and that there is proper opportunity for monitoring, inspection and enforcement.</p>\n<p>Where we have contractual responsibility for maintenance we will process claims arising from this responsibility in a timely manner following the receipt of all relevant information from the customer.</p>\n<p>2.17 We will:</p>\n<ul><li>be receptive to ideas from customers and suppliers as regards methods of improving rolling stock maintenance, including methods of improving the supply of spare parts;</li><li>proactively seek ways of improving maintenance arrangements;</li><li>ensure that arrangements are in place that promote an effective supply of ‘scarce spares’; and</li><li>offer, whenever practical, a performance regime commensurate with our ability to manage the associated risks.</li></ul><p>2.18 The basis for determining maintenance charges is that they should reflect the whole life cost of maintaining the asset. Where changes are made to the contracted maintenance arrangements, we will aim to agree an equitable allocation of any incremental costs or savings. The criteria that will be taken into account in allocating costs and savings will usually include one or more of the following, although in exceptional circumstances additional criteria may be taken into account:</p>\n<ul><li>the period over which the costs or savings will arise;</li><li>the impact of the change on the estimated residual value;</li><li>the impact on the customer’s operating costs; and</li><li>the risks associated with the proposed changes.</li></ul><h4>Modifications</h4>\n<p>2.19 We will consider all reasonable requests for rolling stock modifications subject to the existing conditions of the relevant lease. When considering such requests we will have regard to such factors as:</p>\n<p>whether the modification is compatible with the objectives of improving safety and reliability;</p>\n<p>whether the modification is likely to increase (or decrease) the value of the stock to subsequent lessees and, therefore, the residual value at the end of the current lease term;</p>\n<p>whether the modification will have an appreciable effect on the overall value of the broader portfolio of rolling stock; and</p>\n<p>the requirements of any relevant existing financing arrangements.</p>\n<p>We will agree to share with the customer the cost of agreed modifications where we reasonably believe that the modifications will have a value to us after the expiry of the existing lease and if the required funds are available.</p>\n<p>Where we are responsible for implementing mandatory safety modifications we will, subject to the terms of the lease and provided that the relevant customer co-operates, use reasonable endeavours to agree a suitable, compliant programme for fitment that minimises, where practicable and subject to relevant legal requirements, the time that vehicles are unavailable for revenue-earning service.</p>\n<h3>Pricing Issues</h3>\n<h4>Avoidance of excessive or predatory prices</h4>\n<p>2.20 We will seek to agree prices which are reasonable having regard to the economics of the rolling stock, the specific terms of the proposed contract and broader market conditions.</p>\n<h4>Principal factors for determining and agreeing prices</h4>\n<p>2.21 We will negotiate prices in good faith. The factors we take into account in agreeing a lease price will usually include some or all of the following although additional factors may be taken into account:</p>\n<ul><li>the terms of the contract;</li><li>the financing, acquisition and development costs of the rolling stock;</li><li>maintenance arrangements and costs in respect of the rolling stock;</li><li>the type and characteristics of the rolling stock;</li><li>the physical condition and proposed use of the rolling stock;</li><li>the estimated residual value of the rolling stock (see paragraph 2.22 below);</li></ul><p>the length of the contracted period;</p>\n<p>expected rental and performance characteristics of the rolling stock that could compete with the stock concerned;</p>\n<p>any customer specific factors (such as credit worthiness, operational record);</p>\n<p>current and anticipated levels of taxation, inflation and interest rates; and</p>\n<p>treatment of changes in applicable law.</p>\n<h4>Residual Value</h4>\n<p>2.22 The residual value of the rolling stock is the forecast value of the future income beyond the proposed contracted period of the lease, and constitutes a commercial risk accepted by ourselves. Our estimate of residual value will be determined mainly by the following factors:</p>\n<p>the projected level of lease rentals for the rolling stock;</p>\n<p>the projected working life of the rolling stock;</p>\n<p>the expected degree of utilisation of the stock over its remaining working life. This depends on both the expected balance between supply and demand in the rolling stock leasing market (or the relevant market segment) and also the nature of the stock (for example, the extent to which it can be used on different parts of the network);</p>\n<p>the economic, legal and regulatory environment (including safety and other matters);</p>\n<p>contract-specific factors, such as the proposed use of the train; and</p>\n<p>the discount rate(s) or cash flow implications applied to the particular lease.</p>\n<h3>Stock Available for Lease and Disposal of Stock</h3>\n<h4>Advertising of available stock</h4>\n<p>3.1 From time to time, we will make available to all operators and to the Office of Rail Regulation a list of stock which is available for lease, indicating the type, age and condition of the stock. We will respond promptly to bona fide enquiries from potential customers regarding the lease of such stock.</p>\n<h4>Refurbishment and disposal</h4>\n<p>3.2 The list of rolling stock available for lease will also indicate where we propose to dispose of a vehicle (i.e. withdraw for scrapping or sale outside of Great Britain ). No rolling stock shall be disposed of until this statement of intention has appeared on a published list for at least three months, and the condition of the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, relating to the disposal of vehicles has been complied with.</p>\n<p>3.3 We will explore with potential customers, upon reasonable request, the scope for refurbishing stock which is available for lease, in order to enhance its attractiveness, subject to the commercial considerations set out in paragraphs 2.19 and 2.21.</p>\n<p>3.4 \"Stock available for lease\" excludes rolling stock which is reserved by us for use as donor vehicles whose parts can be used as spares for other rolling stock; or as rolling stock available to be substituted for rolling stock currently on-lease and either the terms of the lease make specific provision for stock to be reserved or; because of the nature of the contract (in particular the payment or performance regime) it is reasonable for rolling stock to be reserved for substitution.</p>\n<p>3.5 A separate list of stock withheld as donor vehicles will be supplied to the Office of Rail Regulation on those occasions when a list is provided under the terms of paragraph 3.1. We will minimise the number of donor vehicles and retain no more than the number of vehicles required to maintain a supply of spares at a prudent level. The criteria we would have regard to in deciding whether particular rolling stock should be reserved as a donor vehicle will normally include some or all of the following:</p>\n<ul><li>our existing supply of equivalent spares;</li><li>the anticipated requirement for such spares;</li><li>the availability of alternative supplies; and</li><li>any existing contractual obligations and safety requirements</li></ul><h4>Re-leasing and Future Franchising Rounds</h4>\n<p>Information to bidders and Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate</p>\n<p>4.1 We are committed to assisting the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, during the re-franchising process. We will offer lease and maintenance (when appropriate) terms to all qualified bidders during the re-franchising process in a timely manner. Having been selected as preferred supplier we will endeavour to enter into a contract in respect of a lease and (where appropriate) maintenance agreements with the selected bidder for the franchise, such that new leases will be in place in good time before the new franchise period is due to commence.<br /></p>\n<h3>Confidentiality</h3>\n<p>5.1 We will not disclose any confidential information to third parties in relation to our customers save where:</p>\n<ul><li>the information is already in the public domain;</li><li>there is a legal duty on us to disclose such confidential information;</li><li>we are required to provide the information by the Office of Rail Regulation, the Secretary of State for Transport, Scottish Ministers or other relevant authority, as appropriate, or any successor, the Office of Fair Trading or by any court or other competent authority;</li><li>disclosure is made at the request of the customer; or</li><li>disclosure is to our parent or affiliate provided that any such disclosure is made in accordance with any applicable undertakings to the Secretary of State relating to the disclosure of such information.</li></ul><p>5.2 We will respect our customer’s entitlement to require, prevent or restrict the disclosure of confidential information. However, in keeping with the commitments of fairness which we have given in this Code, customers should be aware that we will not withhold information nor disclose information (including information which the customer has requested to be disclosed) with the intention of restricting or distorting competition in the rolling stock market or in circumstances in which the disclosure may have the effect of so restricting or distorting competition.</p>\n<p>5.3 We expect our customers to observe similar standards in relation to confidential information provided to them.</p>\n<h3>Complaints and Contract</h3>\n<p>6.1 One of our key objectives is to maintain constructive relations with our customers and avoid the need for our customers to invoke any complaints procedure. Where a customer considers that it does have cause to complain, we will always acknowledge the fact that a complaint has been made (in writing) and will take the complaint forward in a timely and efficient manner. Complaints should, in the first instance, be addressed to the contact identified in the Foreword.<br /></p>\n<h3>Liability and Insurance</h3>\n<p>7.1 We will continue to make rolling stock property insurance available to our customers and charge on the basis of passing the cost of arranging such insurance through to customers. We will give proper consideration to any suggested alternatives in relation to insurance, subject to ensuring that our interests in the rolling stock are adequately protected.<br /></p>\n<h3>Arrangements for Promoting, Reviewing and Changing the Code</h3>\n<p>8.1 We will make copies of this Code available to all existing customers and on request to all prospective customers, and will take reasonable steps to make customers and prospective customers aware of the existence of the Code.</p>\n<p>8.2 The Code will be reviewed, and where appropriate amended, at periodic intervals. Prior to amending the Code we will consult with and take account of the views of the Office of Rail Regulation in respect of such proposed amendments.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,'<ul><li><a href=\"#people\">People</a></li><li><a href=\"#safety\">Safety</a></li><li><a href=\"#environment\">Environment</a></li><li><a href=\"#antislavery\">Anti-Slavery</a></li><li><a href=\"#code\">Code of Practice</a></li></ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1390,4065,1,'Credit Rating and Financing','2019-11-05 16:47:06','2019-11-05 16:47:07','7bb92dd1-6dbd-4684-a6f6-2e6910f92e20','standard',NULL,NULL,NULL,NULL,NULL,'{\"bundleVersion\":\"1.0.22\",\"sourceBundleType\":\"field\",\"sourceId\":null,\"sourceName\":null,\"sourceHandle\":null,\"sourceType\":\"field\",\"sourceTemplate\":\"\",\"sourceSiteId\":null,\"sourceAltSiteSettings\":[],\"sourceDateUpdated\":\"2019-03-21T09:28:29+00:00\",\"metaGlobalVars\":{\"language\":null,\"mainEntityOfPage\":\"\",\"seoTitle\":\"\",\"siteNamePosition\":\"\",\"seoDescription\":\"\",\"seoKeywords\":\"\",\"seoImage\":\"\",\"seoImageWidth\":\"\",\"seoImageHeight\":\"\",\"seoImageDescription\":\"\",\"canonicalUrl\":\"\",\"robots\":\"\",\"ogType\":\"\",\"ogTitle\":\"{seomatic.meta.seoTitle}\",\"ogSiteNamePosition\":\"\",\"ogDescription\":\"{seomatic.meta.seoDescription}\",\"ogImage\":\"\",\"ogImageWidth\":\"\",\"ogImageHeight\":\"\",\"ogImageDescription\":\"{seomatic.meta.seoImageDescription}\",\"twitterCard\":\"\",\"twitterCreator\":\"\",\"twitterTitle\":\"{seomatic.meta.seoTitle}\",\"twitterSiteNamePosition\":\"\",\"twitterDescription\":\"{seomatic.meta.seoDescription}\",\"twitterImage\":\"\",\"twitterImageWidth\":\"\",\"twitterImageHeight\":\"\",\"twitterImageDescription\":\"{seomatic.meta.seoImageDescription}\"},\"metaSiteVars\":{\"siteName\":\"Porterbrook\",\"identity\":null,\"creator\":null,\"twitterHandle\":\"\",\"facebookProfileId\":\"\",\"facebookAppId\":\"\",\"googleSiteVerification\":\"\",\"bingSiteVerification\":\"\",\"pinterestSiteVerification\":\"\",\"sameAsLinks\":[],\"siteLinksSearchTarget\":\"\",\"siteLinksQueryInput\":\"\",\"additionalSitemapUrls\":[],\"additionalSitemapUrlsDateUpdated\":null,\"additionalSitemaps\":[]},\"metaSitemapVars\":{\"sitemapUrls\":true,\"sitemapAssets\":true,\"sitemapFiles\":true,\"sitemapAltLinks\":true,\"sitemapChangeFreq\":\"weekly\",\"sitemapPriority\":0.5,\"sitemapLimit\":null,\"structureDepth\":null,\"sitemapImageFieldMap\":[],\"sitemapVideoFieldMap\":[]},\"metaContainers\":{\"MetaTagContainergeneral\":{\"data\":[],\"name\":\"General\",\"description\":\"General 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Management','2019-11-05 16:47:07','2019-11-05 16:47:08','69ea79d6-8950-497e-a32c-13749d426ecb',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1395,4090,1,'Porterbrook Leads Postal Train Resurgence With Rail Operations Group Tie Up','2019-11-05 16:47:11','2019-11-05 16:47:12','2ee10cf8-67e6-4f56-8e40-dcc2d930af98',NULL,'<p>Porterbrook is supplying the Rail Operations Group (ROG) with bi-mode FLEX trains to support the company’s expansion into the rail postal industry. Increasing congestion on the road network, a shortage of HGV drivers and the rapid growth in on-line shopping has led many shipping firms to explore rail as a key part of their logistics chain. A lack of suitable trains has thus far delayed the move.</p>\n\n<p>Working with ROG, Porterbrook will renovate two of its innovative FLEX trains for light logistics traffic. The FLEX trains are capable of operating on both electrified and non-electrified routes will help meet shippers needs for rapid movement of goods and just-in-time delivery.</p>\n<p>The operational flexibility of the bi-mode FLEX train complements the flexibility of ROG’s offering to light logistics shippers. The trains can be made available to single users (one customer secures all space within the train) or to multi-users depending on the shippers’ day-to-day requirements or need to meet deadlines. Mary Grant, CEO of Porterbrook said: \"We are excited be breaking new ground with ROG as we both move into light parcel logistics for the first time. The UK’s light logistics sector is experiencing huge changes and we’re delighted that we can support the sustainable solution on the rail network. Porterbrook is particularly pleased that ROG have recognised the potential for non-passenger use of our innovative FLEX trains and over coming months we will be exploring further opportunities to support the successful UK railfreight sector.\"</p>\n<p>Karl Watts, CEO of Rail Operations Group, said: \"The time is right for a modal shift from road to rail for logistics and express parcels services. ROG are leading the industry in delivering this shift and the FLEX trains are the perfect rail-borne solution to make this happen. There is huge opportunity to re-establish a comprehensive network of express parcels trains and help reduce the number of commercial vehicles on UK roads which will, in turn, help to drive improvements in the UK economy.”</p>\n<p>Maggie Simpson, Director General of the Rail Freight Group (RFG), said: \"RFG welcomes ROG’s move into the express parcels market, this is traffic that is highly suited to the rail network. I am also very pleased to see Porterbrook’s renewed appetite for railfreight investment. The creation of dedicated FLEX trains for light logistics work is a significant vote of confidence in our sector.\" The new FLEX parcels trains will be delivered to ROG in early 2020.</p>\n<ul><li>ENDS -</li>\n</ul><p>NOTES TO EDITORS Media Contacts Porterbrook Leasing Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923 Financial or corporate PR enquiries can also be directed to: Maitland James Isola, Partner jisola@maitland.co.uk James McFarlane, Partner jmcfarlane@maitland.co.uk or +44 (0)20 7379 5151 About Porterbrook</p>\n<ul><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 5,000 vehicles on lease or on order, which includes c.4,500 passenger vehicles. Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li>\n <li>Porterbrook has successfully introduced over 2,300 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li>\n <li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of Utilities Trust of Australia (“UTA”), The Infrastructure Fund (“TIF”) and Royal Bank of Scotland Group Pension Fund (“RBS”).</li>\n</ul>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1396,4091,1,'Porterbrook Sponsors Railway Children Three Peaks Challenge By Rail','2019-11-05 16:47:12','2019-11-05 16:47:13','c77d2cbd-12ff-4f38-bee3-6f4b634f8380',NULL,'<p>Porterbrook has signed an agreement with charity Railway Children to be lead sponsor of the Three Peaks Challenge. The Three Peaks Challenge sees teams from across the railway industry climb the highest mountains in England, Scotland and Wales, with a special train ferrying participants to the foothills of each. In the process the railway industry raises significant sums to support the Railway Children’s charitable activities that support vulnerable children, both at home and abroad.</p>\n\n<p>Mary Grant, CEO of Porterbrook, said: “As a business at the heart of Britain’s railway we are delighted to be able to partner with Railway Children. Our support for the Three Peaks Challenge is a key part of Porterbrook’s Corporate Social Responsibility programme for 2019 and we hope to build on this over coming years. “As Porterbrook is a rolling stock asset management business I am particularly pleased that we are sponsoring the use of a train to safely convey those participating in the Three Peaks Challenge.”</p>\n<p>Terina Keene, CEO of Railway Children said: “The Three Peaks by Rail event is one of our most popular challenges and has become a highlight of our fundraising calendar since we launched it in 2004. Not only does it attract teams from across the industry, it raises us a significant sum every time – in 2019 we expect the total it has brought in to reach an amazing £3 million. Having Porterbrook on board as a sponsor will mean this incredible event continues to go from strength to strength and for many years to come, enabling us to reach more children, in more locations and transform more lives – for good.”</p>\n<p>The Three Peaks Challenge by Rail will take place between the 13th and 15th June 2019. Teams wishing to participate in the Three Peaks Challenge can find further information at www.railwaychildren.org.uk/threepeaks</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1397,4092,1,'Porterbrook Signs-up To UKRRIN','2019-11-05 16:47:13','2019-11-05 16:47:14','46751a34-8239-4846-9ed2-75740913b97b',NULL,'<p>Porterbrook has joined the UK Railway Research and Innovation Network (UKRRIN). UKRRIN is a unique organisation that promotes closer collaboration between industry and academia.</p>\n<p>Porterbrook’s membership of UKRRIN, which was announced today at the organisation’s Annual Conference, builds on the company’s existing links with the University of Birmingham.</p>\n<p>Today’s Annual Conference is a first for UKRRIN. The event will bring together over 240 top academics and industry leaders to explore how business and the academic sectors can work together to fast-track innovative and world beating products to the market.</p>\n<p>Porterbrook and the University of Birmingham are already working together on HydroFLEX, a full sized UK hydrogen powered passenger train that is planned to be demonstrated at RailLive in summer 2019.</p>\n<p>The University of Birmingham and Porterbrook believe that their research and development partnership will also lead to commercial production of hydrogen powered trains, tailor made for the UK’s exacting loading gauge.</p>\n<p>Mary Grant, CEO of Porterbrook, said: “I am particularly pleased that Porterbrook is able to join UKRRIN. Through our work on the HydroFLEX we know the quality of people and thinking to be found in British universities. We hope that we can complement that with a little commercial flair, so that the railway’s passengers can benefit from improved technology that delivers better journeys.”</p>\n<p>Clive Roberts, Professor of Railway Systems at the University of Birmingham, said: “We are absolutely delighted to be welcoming Porterbrook into the UK Rail Research and Innovation Network. Their commitment to investing in UK rail R&amp;D is great testament to the skills and knowledge we provide to industry. This is a strong statement of support and we are looking forward to working with Porterbrook on a number of exciting projects.” Launched in February 2018, UKRRIN is a partnership between the rail industry and nine leading UK Universities delivering four world-class Centres of Excellence.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1398,4093,1,'Porterbrook Signs-up To UKRRIN','2019-11-05 16:47:14','2019-11-05 16:47:14','1d0147d0-f7ce-486e-9643-bc7f8175d1ed',NULL,'<p>Porterbrook has joined the UK Railway Research and Innovation Network (UKRRIN). UKRRIN is a unique organisation that promotes closer collaboration between industry and academia.</p>\n\n<p>Porterbrook’s membership of UKRRIN, which was announced today at the organisation’s Annual Conference, builds on the company’s existing links with the University of Birmingham.</p>\n<p>Today’s Annual Conference is a first for UKRRIN. The event will bring together over 240 top academics and industry leaders to explore how business and the academic sectors can work together to fast-track innovative and world beating products to the market.</p>\n<p>Porterbrook and the University of Birmingham are already working together on HydroFLEX, a full sized UK hydrogen powered passenger train that is planned to be demonstrated at RailLive in summer 2019.</p>\n<p>The University of Birmingham and Porterbrook believe that their research and development partnership will also lead to commercial production of hydrogen powered trains, tailor made for the UK’s exacting loading gauge.</p>\n<p>Mary Grant, CEO of Porterbrook, said: “I am particularly pleased that Porterbrook is able to join UKRRIN. Through our work on the HydroFLEX we know the quality of people and thinking to be found in British universities. We hope that we can complement that with a little commercial flair, so that the railway’s passengers can benefit from improved technology that delivers better journeys.”</p>\n<p>Clive Roberts, Professor of Railway Systems at the University of Birmingham, said: “We are absolutely delighted to be welcoming Porterbrook into the UK Rail Research and Innovation Network. Their commitment to investing in UK rail R&amp;D is great testament to the skills and knowledge we provide to industry. This is a strong statement of support and we are looking forward to working with Porterbrook on a number of exciting projects.” Launched in February 2018, UKRRIN is a partnership between the rail industry and nine leading UK Universities delivering four world-class Centres of Excellence.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1399,4094,1,'Rolls-Royce And Porterbrook Launch First Hybrid Rail Project In The UK With MTU Hybrid PowerPacks','2019-11-05 16:47:14','2019-11-05 16:47:15','49e52711-d8f5-4b8d-b731-729e23a87dda',NULL,'<ul><li>First UK agreement to deliver MTU hybrid drive system</li><li>Hybrid system enables quieter, more fuel efficient and zero-emission train operations</li><li>After a pilot programme in 2020, Porterbrook plans to offer customers HybridFLEX trains</li></ul><p>Rolls-Royce and Porterbrook, the UK’s largest owner of passenger rolling stock, have agreed the delivery of MTU Hybrid PowerPacks that can convert Class 168 and Class 170 ‘Turbostar’ DMUs from diesel-only to hybrid-electric operation. Hybrid technology allows for the cleaner and quieter operation of trains in stations and through urban areas.</p>\n<p>The Letter of Intent, which was signed at rail industry trade show Innotrans, covers the delivery of hybrid systems for installation on two test trains. Following trials, Porterbrook aims to offer hybrid conversion to a range of customers operating existing Turbostar fleets.</p>\n<p>This is the first agreement for the delivery of MTU hybrid drive systems in the UK.</p>\n<p>Mary Grant, CEO of Porterbrook, said: “Porterbrook is committed to reducing the emissions and carbon footprint of our existing diesel powered fleets. We hope our investment in this trial of MTU Hybrid PowerPacks will enable us to offer wider fleet fitment of this technology, so that our customers can reduce both emissions and operating costs, as well as improve air-quality along urban corridors. Hybrid trains have the added benefit of operating with very little sound when using battery power, offering additional benefits to the railway’s near neighbours.</p>\n<p>“This is one of several initiatives that Porterbrook is undertaking to address the challenge, set by Rail Minister Jo Johnson MP, of removing diesel-only trains from the UK rail network by 2040.”</p>\n<p>Warren East, CEO of Rolls-Royce said: “We are pleased to be helping to write a new chapter of environmentally friendly, quieter and more efficient rail travel in the UK. With the innovative MTU Hybrid PowerPacks, Rolls-Royce and our partner Porterbrook will be setting new standards on the UK network; helping to reduce emissions, increase fuel efficiency and improve the lives of people who live near train stations.”</p>\n<p>Rolls-Royce will initially deliver two MTU Hybrid PowerPacks based on type 6H 1800 engines to Porterbrook. These will be fitted into a Turbostar DMU in the beginning of 2020 which will then be trialled for a period of six months during regular operations. The agreement includes an option for the retrofitting of a second DMU with two MTU Hybrid PowerPacks. Based on the performance of the Hybrid fitted units, Porterbrook hopes to offer customers the opportunity to convert their existing Turbostar fleets into HybridFLEX trains through the installation of MTU Hybrid PowerPacks.</p>\n<p>The MTU Hybrid PowerPack is an environmentally friendly drive system which combines the advantages of diesel and battery-powered rail traction. The version for Porterbrook incorporates an MTU diesel engine which fulfils future EU Stage V emissions regulations; plus an electric machine, which can be used either as an electric motor or generator; and an MTU EnergyPack battery system, which stores the energy recovered during braking. This enables very low-noise, emissions-free battery-only electric operation in urban areas and around stations.</p>\n<p>Noise emissions in stations are cut by around 75 percent (20 dB(A)). Fuel consumption and CO2 emissions are reduced by up to 25 percent. NOx emissions can also be reduced by up to 70 percent and particulate emissions by around 90 percent. The total operating costs of rail vehicles with MTU hybrid drives are also significantly lower, and even brake pads and discs experience reduced wear due to energy recuperation during braking. As a result of the additional power of the electric machine, train operators also have the option to improve journey times through better acceleration.</p>\n<p>Drive systems from Rolls-Royce already play an important role in the British railway system. More than 1,100 MTU PowerPacks and engines already power railcars and locomotives across the UK and Ireland, including over 550 PowerPacks in Turbostar DMUs which are in service with seven operators.</p>\n<p>Press photos are available for download from www.rrpowersystems.com/press</p>\n<p><strong>About Rolls-Royce Holdings plc</strong></p>\n<ol><li>Rolls-Royce pioneers cutting-edge technologies that deliver the cleanest, safest and most competitive solutions to our planet’s vital power needs.</li>\n <li>Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs around 10,000 people. The product portfolio includes MTU-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry. Under the MTU Onsite Energy brand, the company markets diesel gensets for emergency, base load and peak load applications as well as cogeneration plants using gas engines for the combined generation of heat and power. Bergen medium-speed engines power ships and power generation applications.</li>\n <li>Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 4,000 marine customers including 70 navies, and more than 5,000 power and nuclear customers.</li>\n <li>Annual underlying revenue was £15 billion in 2017, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £78.5 billion at the end of December 2017.</li>\n <li>In 2017, Rolls-Royce invested £1.4 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.</li>\n <li>Rolls-Royce employs almost 55,000 people in 50 countries. Approximately 19,400 of these are engineers. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2017 we recruited 313 graduates and 339 apprentices through our worldwide training programmes. For further information, please contact:</li>\n</ol><p>Rolf Behrens Rolls-Royce Power Systems AG Phone: +49 7541 90-7740 E-mail: rolf.behrens@rrpowersystems.com</p>\n<p><strong>About Porterbrook</strong></p>\n<ol><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles.</li>\n <li>Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li>\n <li>Porterbrook has successfully introduced over 2,500 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li>\n <li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of UTA/RBS/TIF.</li>\n</ol><p><strong>Porterbrook Media Contacts:</strong></p>\n<p>Porterbrook Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923</p>\n<p>Financial or corporate PR enquiries can also be directed to:</p>\n<p>Maitland<br />\nJames Isola James McFarlane +44 (0)20 7379 5151</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1400,4095,1,'Rolls-Royce And Porterbrook Launch First Hybrid Rail Project In The UK With MTU Hybrid PowerPacks','2019-11-05 16:47:15','2019-11-05 16:47:16','31e96e04-4045-4029-a045-e4f2e0f9fc53',NULL,'<ul><li>First UK agreement to deliver MTU hybrid drive system</li><li>Hybrid system enables quieter, more fuel efficient and zero-emission train operations</li><li>After a pilot programme in 2020, Porterbrook plans to offer customers HybridFLEX trains</li></ul><p>Rolls-Royce and Porterbrook, the UK’s largest owner of passenger rolling stock, have agreed the delivery of MTU Hybrid PowerPacks that can convert Class 168 and Class 170 ‘Turbostar’ DMUs from diesel-only to hybrid-electric operation. Hybrid technology allows for the cleaner and quieter operation of trains in stations and through urban areas.</p>\n<p>The Letter of Intent, which was signed at rail industry trade show Innotrans, covers the delivery of hybrid systems for installation on two test trains. Following trials, Porterbrook aims to offer hybrid conversion to a range of customers operating existing Turbostar fleets.</p>\n<p>This is the first agreement for the delivery of MTU hybrid drive systems in the UK.</p>\n<p>Mary Grant, CEO of Porterbrook, said: “Porterbrook is committed to reducing the emissions and carbon footprint of our existing diesel powered fleets. We hope our investment in this trial of MTU Hybrid PowerPacks will enable us to offer wider fleet fitment of this technology, so that our customers can reduce both emissions and operating costs, as well as improve air-quality along urban corridors. Hybrid trains have the added benefit of operating with very little sound when using battery power, offering additional benefits to the railway’s near neighbours.</p>\n<p>“This is one of several initiatives that Porterbrook is undertaking to address the challenge, set by Rail Minister Jo Johnson MP, of removing diesel-only trains from the UK rail network by 2040.”</p>\n<p>Warren East, CEO of Rolls-Royce said: “We are pleased to be helping to write a new chapter of environmentally friendly, quieter and more efficient rail travel in the UK. With the innovative MTU Hybrid PowerPacks, Rolls-Royce and our partner Porterbrook will be setting new standards on the UK network; helping to reduce emissions, increase fuel efficiency and improve the lives of people who live near train stations.”</p>\n<p>Rolls-Royce will initially deliver two MTU Hybrid PowerPacks based on type 6H 1800 engines to Porterbrook. These will be fitted into a Turbostar DMU in the beginning of 2020 which will then be trialled for a period of six months during regular operations. The agreement includes an option for the retrofitting of a second DMU with two MTU Hybrid PowerPacks. Based on the performance of the Hybrid fitted units, Porterbrook hopes to offer customers the opportunity to convert their existing Turbostar fleets into HybridFLEX trains through the installation of MTU Hybrid PowerPacks.</p>\n<p>The MTU Hybrid PowerPack is an environmentally friendly drive system which combines the advantages of diesel and battery-powered rail traction. The version for Porterbrook incorporates an MTU diesel engine which fulfils future EU Stage V emissions regulations; plus an electric machine, which can be used either as an electric motor or generator; and an MTU EnergyPack battery system, which stores the energy recovered during braking. This enables very low-noise, emissions-free battery-only electric operation in urban areas and around stations.</p>\n<p>Noise emissions in stations are cut by around 75 percent (20 dB(A)). Fuel consumption and CO2 emissions are reduced by up to 25 percent. NOx emissions can also be reduced by up to 70 percent and particulate emissions by around 90 percent. The total operating costs of rail vehicles with MTU hybrid drives are also significantly lower, and even brake pads and discs experience reduced wear due to energy recuperation during braking. As a result of the additional power of the electric machine, train operators also have the option to improve journey times through better acceleration.</p>\n<p>Drive systems from Rolls-Royce already play an important role in the British railway system. More than 1,100 MTU PowerPacks and engines already power railcars and locomotives across the UK and Ireland, including over 550 PowerPacks in Turbostar DMUs which are in service with seven operators.</p>\n<p>Press photos are available for download from www.rrpowersystems.com/press</p>\n<p><strong>About Rolls-Royce Holdings plc</strong></p>\n<ol><li>Rolls-Royce pioneers cutting-edge technologies that deliver the cleanest, safest and most competitive solutions to our planet’s vital power needs.</li>\n <li>Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs around 10,000 people. The product portfolio includes MTU-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry. Under the MTU Onsite Energy brand, the company markets diesel gensets for emergency, base load and peak load applications as well as cogeneration plants using gas engines for the combined generation of heat and power. Bergen medium-speed engines power ships and power generation applications.</li>\n <li>Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 4,000 marine customers including 70 navies, and more than 5,000 power and nuclear customers.</li>\n <li>Annual underlying revenue was £15 billion in 2017, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £78.5 billion at the end of December 2017.</li>\n <li>In 2017, Rolls-Royce invested £1.4 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.</li>\n <li>Rolls-Royce employs almost 55,000 people in 50 countries. Approximately 19,400 of these are engineers. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2017 we recruited 313 graduates and 339 apprentices through our worldwide training programmes. For further information, please contact:</li>\n</ol><p>Rolf Behrens Rolls-Royce Power Systems AG Phone: +49 7541 90-7740 E-mail: rolf.behrens@rrpowersystems.com</p>\n<p><strong>About Porterbrook</strong></p>\n<ol><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles.</li>\n <li>Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li>\n <li>Porterbrook has successfully introduced over 2,500 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li>\n <li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of UTA/RBS/TIF.</li>\n</ol><p><strong>Porterbrook Media Contacts:</strong></p>\n<p>Porterbrook Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923</p>\n<p>Financial or corporate PR enquiries can also be directed to:</p>\n<p>Maitland<br />\nJames Isola James McFarlane +44 (0)20 7379 5151</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1401,4096,1,'Rolls-Royce And Porterbrook Launch First Hybrid Rail Project In The UK With MTU Hybrid PowerPacks','2019-11-05 16:47:16','2019-11-05 16:47:17','3f8e7bae-0a7d-4e6f-89c2-897c8cb5b12e',NULL,'\n\n\n<ul><li>First UK agreement to deliver MTU hybrid drive system</li><li>Hybrid system enables quieter, more fuel efficient and zero-emission train operations</li><li>After a pilot programme in 2020, Porterbrook plans to offer customers HybridFLEX trains</li></ul><p>Rolls-Royce and Porterbrook, the UK’s largest owner of passenger rolling stock, have agreed the delivery of MTU Hybrid PowerPacks that can convert Class 168 and Class 170 ‘Turbostar’ DMUs from diesel-only to hybrid-electric operation. Hybrid technology allows for the cleaner and quieter operation of trains in stations and through urban areas.</p>\n<p>The Letter of Intent, which was signed at rail industry trade show Innotrans, covers the delivery of hybrid systems for installation on two test trains. Following trials, Porterbrook aims to offer hybrid conversion to a range of customers operating existing Turbostar fleets.</p>\n<p>This is the first agreement for the delivery of MTU hybrid drive systems in the UK.</p>\n<p>Mary Grant, CEO of Porterbrook, said: “Porterbrook is committed to reducing the emissions and carbon footprint of our existing diesel powered fleets. We hope our investment in this trial of MTU Hybrid PowerPacks will enable us to offer wider fleet fitment of this technology, so that our customers can reduce both emissions and operating costs, as well as improve air-quality along urban corridors. Hybrid trains have the added benefit of operating with very little sound when using battery power, offering additional benefits to the railway’s near neighbours.</p>\n<p>“This is one of several initiatives that Porterbrook is undertaking to address the challenge, set by Rail Minister Jo Johnson MP, of removing diesel-only trains from the UK rail network by 2040.”</p>\n<p>Warren East, CEO of Rolls-Royce said: “We are pleased to be helping to write a new chapter of environmentally friendly, quieter and more efficient rail travel in the UK. With the innovative MTU Hybrid PowerPacks, Rolls-Royce and our partner Porterbrook will be setting new standards on the UK network; helping to reduce emissions, increase fuel efficiency and improve the lives of people who live near train stations.”</p>\n<p>Rolls-Royce will initially deliver two MTU Hybrid PowerPacks based on type 6H 1800 engines to Porterbrook. These will be fitted into a Turbostar DMU in the beginning of 2020 which will then be trialled for a period of six months during regular operations. The agreement includes an option for the retrofitting of a second DMU with two MTU Hybrid PowerPacks. Based on the performance of the Hybrid fitted units, Porterbrook hopes to offer customers the opportunity to convert their existing Turbostar fleets into HybridFLEX trains through the installation of MTU Hybrid PowerPacks.</p>\n<p>The MTU Hybrid PowerPack is an environmentally friendly drive system which combines the advantages of diesel and battery-powered rail traction. The version for Porterbrook incorporates an MTU diesel engine which fulfils future EU Stage V emissions regulations; plus an electric machine, which can be used either as an electric motor or generator; and an MTU EnergyPack battery system, which stores the energy recovered during braking. This enables very low-noise, emissions-free battery-only electric operation in urban areas and around stations.</p>\n<p>Noise emissions in stations are cut by around 75 percent (20 dB(A)). Fuel consumption and CO2 emissions are reduced by up to 25 percent. NOx emissions can also be reduced by up to 70 percent and particulate emissions by around 90 percent. The total operating costs of rail vehicles with MTU hybrid drives are also significantly lower, and even brake pads and discs experience reduced wear due to energy recuperation during braking. As a result of the additional power of the electric machine, train operators also have the option to improve journey times through better acceleration.</p>\n<p>Drive systems from Rolls-Royce already play an important role in the British railway system. More than 1,100 MTU PowerPacks and engines already power railcars and locomotives across the UK and Ireland, including over 550 PowerPacks in Turbostar DMUs which are in service with seven operators.</p>\n<p>Press photos are available for download from www.rrpowersystems.com/press</p>\n<p><strong>About Rolls-Royce Holdings plc</strong></p>\n<ol><li>Rolls-Royce pioneers cutting-edge technologies that deliver the cleanest, safest and most competitive solutions to our planet’s vital power needs.</li>\n <li>Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs around 10,000 people. The product portfolio includes MTU-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry. Under the MTU Onsite Energy brand, the company markets diesel gensets for emergency, base load and peak load applications as well as cogeneration plants using gas engines for the combined generation of heat and power. Bergen medium-speed engines power ships and power generation applications.</li>\n <li>Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 4,000 marine customers including 70 navies, and more than 5,000 power and nuclear customers.</li>\n <li>Annual underlying revenue was £15 billion in 2017, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £78.5 billion at the end of December 2017.</li>\n <li>In 2017, Rolls-Royce invested £1.4 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.</li>\n <li>Rolls-Royce employs almost 55,000 people in 50 countries. Approximately 19,400 of these are engineers. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2017 we recruited 313 graduates and 339 apprentices through our worldwide training programmes. For further information, please contact:</li>\n</ol><p>Rolf Behrens Rolls-Royce Power Systems AG Phone: +49 7541 90-7740 E-mail: rolf.behrens@rrpowersystems.com</p>\n<p><strong>About Porterbrook</strong></p>\n<ol><li>Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles.</li>\n <li>Since privatisation, Porterbrook has invested over £3bn in the UK rail market. The company is looking to invest a further £1bn in Britain’s railway over the next five years.</li>\n <li>Porterbrook has successfully introduced over 2,500 new vehicles into passenger service. The company continues to invest across its existing fleets to ensure they remain attractive to operators and passengers. Porterbrook also provides ongoing train maintenance services.</li>\n <li>In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and a consortium of UTA/RBS/TIF.</li>\n</ol><p><strong>Porterbrook Media Contacts:</strong></p>\n<p>Porterbrook Rupert Brennan Brown, Head of Communications and Engagement Rupert@porterbrook.co.uk or +44 (0)7973 950 923</p>\n<p>Financial or corporate PR enquiries can also be directed to:</p>\n<p>Maitland<br />\nJames Isola James McFarlane +44 (0)20 7379 5151</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1402,4097,1,'Links to Education','2019-11-05 16:47:17','2019-11-05 16:47:18','e11e7a2e-fd17-48d5-a50f-660718082115','standard',NULL,NULL,NULL,NULL,NULL,'{\"bundleVersion\":\"1.0.22\",\"sourceBundleType\":\"field\",\"sourceId\":null,\"sourceName\":null,\"sourceHandle\":null,\"sourceType\":\"field\",\"sourceTemplate\":\"\",\"sourceSiteId\":null,\"sourceAltSiteSettings\":[],\"sourceDateUpdated\":\"2019-03-20T16:15:12+00:00\",\"metaGlobalVars\":{\"language\":null,\"mainEntityOfPage\":\"\",\"seoTitle\":\"\",\"siteNamePosition\":\"\",\"seoDescription\":\"\",\"seoKeywords\":\"\",\"seoImage\":\"\",\"seoImageWidth\":\"\",\"seoImageHeight\":\"\",\"seoImageDescription\":\"\",\"canonicalUrl\":\"\",\"robots\":\"\",\"ogType\":\"\",\"ogTitle\":\"{seomatic.meta.seoTitle}\",\"ogSiteNamePosition\":\"\",\"ogDescription\":\"{seomatic.meta.seoDescription}\",\"ogImage\":\"\",\"ogImageWidth\":\"\",\"ogImageHeight\":\"\",\"ogImageDescription\":\"{seomatic.meta.seoImageDescription}\",\"twitterCard\":\"\",\"twitterCreator\":\"\",\"twitterTitle\":\"{seomatic.meta.seoTitle}\",\"twitterSiteNamePosition\":\"\",\"twitterDescription\":\"{seomatic.meta.seoDescription}\",\"twitterImage\":\"\",\"twitterImageWidth\":\"\",\"twitterImageHeight\":\"\",\"twitterImageDescription\":\"{seomatic.meta.seoImageDescription}\"},\"metaSiteVars\":{\"siteName\":\"Porterbrook\",\"identity\":null,\"creator\":null,\"twitterHandle\":\"\",\"facebookProfileId\":\"\",\"facebookAppId\":\"\",\"googleSiteVerification\":\"\",\"bingSiteVerification\":\"\",\"pinterestSiteVerification\":\"\",\"sameAsLinks\":[],\"siteLinksSearchTarget\":\"\",\"siteLinksQueryInput\":\"\",\"additionalSitemapUrls\":[],\"additionalSitemapUrlsDateUpdated\":null,\"additionalSitemaps\":[]},\"metaSitemapVars\":{\"sitemapUrls\":true,\"sitemapAssets\":true,\"sitemapFiles\":true,\"sitemapAltLinks\":true,\"sitemapChangeFreq\":\"weekly\",\"sitemapPriority\":0.5,\"sitemapLimit\":null,\"structureDepth\":null,\"sitemapImageFieldMap\":[],\"sitemapVideoFieldMap\":[]},\"metaContainers\":{\"MetaTagContainergeneral\":{\"data\":[],\"name\":\"General\",\"description\":\"General 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Management Team Set To Strengthen Porterbrook Leasing','2019-11-05 16:47:18','2019-11-05 16:47:18','7e1cd62b-9816-4214-a854-7e14f293fee2',NULL,'<p>Porterbrook Leasing has confirmed the appointments of Stephen McGurk and Chris McClure. Stephen, who is currently Legal and Procurement Director and has been with Porterbrook for over 13 years will take up the position of Chief Commercial Officer from today, January 2, 2018. He takes over from Olivier André, previously Commercial Director, who left the business at the end of 2017 to pursue other opportunities. Chris, currently a Partner and Head of the Structured Asset Finance practice at Shoosmiths will join as General Counsel from February 1, 2018. </p>\n\n<p>Mary Grant, CEO said “Stephen has made a significant contribution to Porterbrook over the years and his new position reflects the need to take the business in a different direction. Chris has an impressive track record within the UK rail sector with over 20 years’ experience in private practice. I am looking forward to working with them both to build a strong and successful platform for the Porterbrook business, our existing and future customers. These changes complete the senior management team alongside Peter Coates, Chief Financial Officer, Neil Foster, Fleet Services Director, Zena Dent Product Development Director and Kate North, Head of HR”. </p>\n<p>Stephen McGurk said “I am delighted to take up this opportunity and I look forward to working with all of Porterbrook’s customers and stakeholders to ensure that the business continues to deliver value with its quality rail leasing and asset management solutions”. </p>\n<p>Chris McClure said “I am very excited at the opportunity Porterbrook has given me to join the business. I look forward to this new challenge and working with Mary, the board and management team”.</p>\n<p>Mary Grant, CEO</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1404,4102,1,'Porterbrook Appoints Head Of Communications And Engagement','2019-11-05 16:47:18','2019-11-05 16:47:19','d0f35c9b-32f2-4b7d-b26c-797a2500c091',NULL,'<p>Porterbrook Leasing has appointed Rupert Brennan Brown as the company’s new Head of Communications and Engagement. Rupert will take up his new role on the 1st of February 2018. Rupert has specialised in railway public affairs for almost 25 years. He has considerable experience of working with board level teams across a range of rail operators, infrastructure owners, supply chain businesses and representative bodies. Mary Grant, Chief Executive Officer said: “I am delighted that Rupert has agreed to join Porterbrook at this exciting time for our business. Rupert will help the executive team communicate the value that we deliver to the railway of today and our clear vision for the future.” Stephen McGurk, Chief Commercial Officer said: “I would like to welcome Rupert to my team. Rupert will help us showcase our asset management and innovative finance expertise to industry partners and stakeholders.” Rupert Brennan Brown said: “I am enormously excited to be joining the ranks of a socially responsible, corporate citizen of our great industry. I particularly look forward to engaging with both customers and the supply chain as we jointly make the case for continued private sector investment in refurbished and new rolling stock for Britain’s railway”. Rupert lives in Derbyshire and is married with three children.</p>\n\n<p><br /><strong><u>Notes to Editors</u></strong></p>\n<p>• Porterbrook Leasing Company Limited (\"Porterbrook\") is a leading participant in the rail leasing market and has a rolling stock fleet of around 6,000 vehicles on lease or on order, which includes over 4,000 passenger vehicles.</p>\n<p>• Since privatisation, Porterbrook has invested in over 2,300 new passenger vehicles and more than 2,000 freight locomotives and wagons, and in the refurbishment of much of its in-fleet equipment. The company also provides ongoing train maintenance services.</p>\n<p>• In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management.</p>\n<p><br /><strong>For more information about Porterbrook Leasing please visit our website www.porterbrook.co.uk.</strong></p>\n<p><strong>Alternatively contact Karen Jackson on 01332 285107 or email Karen.jackson@porterbrook.co.uk</strong></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1405,4103,1,'Derby County Community Trust Team Up With Porterbrook And The Premier League To Improve Mental Well-Being In Schools','2019-11-05 16:47:19','2019-11-05 16:47:20','0db7c53e-ac47-4722-a04e-0a08e0ebebab',NULL,'<p>2017/18 has seen the Derby County Community Trust launch a new initiative in local Primary Schools to improve mental well-being and reduce stress around SATs and the transition up to secondary school.</p>\n\n<p>The programme, which is unique to Derbyshire, will see the Community Trust work alongside the Premier League Primary Stars initiative focusing on addressing two key milestones amongst year six pupils: SATs and the transition into year seven.</p>\n<p>Porterbrook, who are based in Derby, specialise in the leasing of railway rolling stock and associated equipment. As a local business, they are keen to give something back to the community and their funding has allowed the Community Trust to create the programme alongside the Premier League.</p>\n<p><br /><strong>The three key strands of delivery will be: </strong></p>\n<ol><li>Resilient mind - coping strategies, goal setting, planning ahead, stretch and relax</li>\n <li>Healthy mind - health, lifestyle, diet</li>\n <li>Active mind - physical activity to combat stress and anxiety/linking activity to revision clubs/ transitions festivals linking into the secondary schools pupils will be going to.</li>\n</ol><p>Alongside the work with pupils, the Derby County Community Trust will support both teachers and parents to ensure the programme maximises its potential through a series of workshops.</p>\n<p><br /><strong>Lauren Asquith from the Derby County Community Trust said:</strong></p>\n<p>“I am delighted to be able to announce such an impactful initiative. Mental well-being is very prevalent at the moment and preventative initiatives are proving to be vital across age groups. Porterbrook have been exceptionally supportive from the initial idea of the programme and afforded us the opportunity to team up with the Premier League.”</p>\n<p><br /><strong>Karen Jackson from Porterbrook:</strong></p>\n<p>“Porterbrook is proud to be part of this initiative and hopes that it will inspire pupils and help boost their confidence at a really important and stressful time of their lives.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1406,4104,1,'Porterbrook Welcomes Rail Minister’s Plans','2019-11-05 16:47:20','2019-11-05 16:47:21','b5b6bcd7-b0f0-4658-95bf-9fe4357fdce1',NULL,'<p>“Porterbrook welcomes Jo Johnson’s call for the railway to provide a vision on how to decarbonise rolling stock.<br /></p>\n<p>“Porterbrook is already actively engaged with its customers, the railway supply chain and other sectors to identify alternative power sources for trains operating on non-electrified routes.</p>\n<p>\"Our team of highly experienced rolling stock engineers and asset managers look forward to playing a key role in helping the industry to safely and effectively deploy alternative fuel sources on self-powered trains by 2040.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1407,4105,1,'Porterbrook Appoints New Head Of Procurement','2019-11-05 16:47:21','2019-11-05 16:47:22','762346d9-c844-46d0-8812-cc5953255484',NULL,'<p>Anvesh Prasad has joined Porterbrook as the company’s new Head of Procurement.</p>\n<p>Anvesh has a background in engineering and has specialised in procurement over the last 20 years. He joins Porterbrook from SIG plc where he held a senior procurement role and prior to that he worked for a range of high-tech engineering businesses, including BAE Systems, Bombardier and Rolls Royce.</p>\n<p>Stephen McGurk, Porterbrook’s Chief Commercial Officer, said: \"I am delighted to welcome Anvesh to my team. Porterbrook is looking to invest significant sums in both existing fleets and new trains over the coming years. Anvesh will play a key role in enhancing our partnerships with both the after-market supply chain and OEMs.\"</p>\n<p>Anvesh Prasad, Head of Procurement, said \"I am pleased to join Porterbrook as it re-energises its business model. With a renewed emphasis on asset management and innovative product development, Porterbrook will be looking to build strong and long-term relationships with its existing supply chain, as well as identify new entrants who can help us meet the needs of tomorrow’s passengers.\"</p>\n<p>Anvesh joined Porterbrook as Head of Procurement on the 12th March 2018.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1408,4106,1,'Porterbrook Appoints New Head Of Procurement','2019-11-05 16:47:22','2019-11-05 16:47:23','fa12f35b-eac4-408d-af44-385aeb135b38',NULL,'<p>Anvesh Prasad has joined Porterbrook as the company’s new Head of Procurement.</p>\n\n<p>Anvesh has a background in engineering and has specialised in procurement over the last 20 years. He joins Porterbrook from SIG plc where he held a senior procurement role and prior to that he worked for a range of high-tech engineering businesses, including BAE Systems, Bombardier and Rolls Royce.</p>\n<p>Stephen McGurk, Porterbrook’s Chief Commercial Officer, said: \"I am delighted to welcome Anvesh to my team. Porterbrook is looking to invest significant sums in both existing fleets and new trains over the coming years. Anvesh will play a key role in enhancing our partnerships with both the after-market supply chain and OEMs.\"</p>\n<p>Anvesh Prasad, Head of Procurement, said \"I am pleased to join Porterbrook as it re-energises its business model. With a renewed emphasis on asset management and innovative product development, Porterbrook will be looking to build strong and long-term relationships with its existing supply chain, as well as identify new entrants who can help us meet the needs of tomorrow’s passengers.\"</p>\n<p>Anvesh joined Porterbrook as Head of Procurement on the 12th March 2018.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1409,4107,1,'Great Western Railway And Porterbrook To Introduce The UK’s First Tri-mode Train','2019-11-05 16:47:23','2019-11-05 16:47:23','1adc8dec-6508-4ac6-8880-96517195004f',NULL,'<p>The first fleet of trains able to run on overhead and third-rail electric lines, as well as under their own power, will be introduced onto London and Thames Valley services next year following a deal between Porterbrook Leasing and Great Western Railway.</p>\n\n<p>The 19 Class 769 Flex trains begin to be introduced onto the Great Western Railway network from Spring 2019. This will release a similar number of popular Turbostar trains to add capacity in the Bristol area, offering the potential for launching new routes through the city.</p>\n<p>This is the latest step in Great Western Railway’s drive to provide more seats across its network and builds on the 8,000 additional seats delivered into and out of London earlier this year.</p>\n<p>This innovative fleet of tri-mode trains will operate in four-carriage sets which will be refurbished inside and out, with free WiFi and power at each seat, air cooling, more space for luggage, and new seat covers. Its modern two-engine design will offer a quieter and cleaner experience for customers.</p>\n<p>Initially, the fleet will support the introduction of refreshed trains on Heathrow Express services, but will be predominantly be used on routes between Reading and Gatwick, and Reading and Oxford, where the train’s tri-mode can be used to its fullest. However, the tri-mode nature of the train will give GWR maximum flexibility to use them in other areas of the network should they be required.</p>\n<p>Final details of exactly how and where the new fleet will be used are currently being drawn up, and expected to be finalised later this year.</p>\n<p>GWR Managing Director, Mark Hopwood said: “We are already delivering the biggest fleet upgrade in a generation across the Great Western network, but today’s news shows we have not stopped looking at ways to improve our service for customers by adding extra capacity to our network.”</p>\n<p>Mary Grant, CEO of Porterbrook, said: “I am delighted that Great Western Railway have agreed to add our innovative tri-mode trains to their fleet. These trains will offer GWR greater operational flexibility with reduced operating costs; at the same time their conversion and upgrade will see skilled engineering jobs secured in the UK supply chain.”</p>\n<p>Notes to editors</p>\n<p>Great Western Railway (GWR) provides high speed, commuter, regional and branch line train services. We help over 100 million passengers reach their destinations every year - across South Wales, the West Country, the Cotswolds, and large parts of Southern England. We’re currently seeing the biggest investment in the network since Brunel so we can offer more trains, more seats, and shorter, more frequent journeys and continue the network’s heritage of helping connect more businesses to new and prosperous markets. Through a series of initiatives, we aim to be a good neighbour to the communities we serve and are committed to making a positive social impact in those regions. Learn how we’re Building a Greater West at GWR.com. GWR is a FirstGroup company.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1410,4108,1,'Zena Dent To Leave Porterbrook For West Midlands Trains','2019-11-05 16:47:23','2019-11-05 16:47:24','8771472b-13b6-4038-bcf5-a93733ac8e17',NULL,'<p>Porterbrook today announced that Zena Dent is to leave the business in July for a new role at West Midlands Trains.</p>\n<p>Zena joined Porterbrook in 2016. In her most recent role as Product Development Director, Zena created a number of project teams capable of delivering self-contained turn-key enhancements to existing rolling stock, such as the WSP and Flex projects.</p>\n<p>Mary Grant, Porterbrook CEO said: \"I’d like to thank Zena for her contribution to the business and congratulate her on the new role - our industry needs good people to focus on the efficient introduction of the large amount of new rolling stock coming onto the network in coming years.</p>\n<p>“Zena’s legacy at Porterbrook is the team of innovative engineers who contribute so much to our over-all Asset Management Strategy.\"</p>\n<p>At West Midlands Trains, Zena will join the transformation team overseeing the introduction of new build EMUs.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1412,4117,1,'Zena Dent To Leave Porterbrook For West Midlands Trains','2019-11-05 16:47:25','2019-11-05 16:47:26','cb6dcc82-5715-4377-a0cc-38da29395cde',NULL,'<p>Porterbrook today announced that Zena Dent is to leave the business in July for a new role at West Midlands Trains.</p>\n\n<p>Zena joined Porterbrook in 2016. In her most recent role as Product Development Director, Zena created a number of project teams capable of delivering self-contained turn-key enhancements to existing rolling stock, such as the WSP and Flex projects.</p>\n<p>Mary Grant, Porterbrook CEO said: \"I’d like to thank Zena for her contribution to the business and congratulate her on the new role - our industry needs good people to focus on the efficient introduction of the large amount of new rolling stock coming onto the network in coming years.</p>\n<p>“Zena’s legacy at Porterbrook is the team of innovative engineers who contribute so much to our over-all Asset Management Strategy.\"</p>\n<p>At West Midlands Trains, Zena will join the transformation team overseeing the introduction of new build EMUs.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1413,4118,1,'Thales Supports Rollout Of UK Digital Railway Programme','2019-11-05 16:47:26','2019-11-05 16:47:27','834c61b9-0e62-467b-b21b-ac61fa27a6b6',NULL,'<ul><li>Thales wins the fitment and supply of European Train Control System (ETCS) onboard units for Class 43 high-speed train retrofit</li><li>Implementation will benefit passengers and freight operators by delivering additional capacity, improving performance, enhancing safety and reducing the costs of operating the national railway</li></ul><p>As a key player in delivering this digital transformation, Thales has today been awarded the contract for the Class 43 First in Class (FiC) design and fitment project that will use Network Rail’s new measurement train power cars in the Infrastructure Measurement fleet. The FiC project will culminate in a Type approval from the Office of Road and Rail to enable subsequent Class 43 ETCS fleet fitments.</p>\n<p>The new Thales onboard system will be integrated as part of the Digital Railway train control system, and will enable rolling stock to operate on ETCS-equipped infrastructure. The onboard equipment is an evolution of Thales’s level 1 ETCS system that has been successfully deployed worldwide.</p>\n<p>The Class 43s will be fitted with ETCS under the UK’s Digital Railway programme, funded by the Department for Transport through Network Rail and managed by the National Joint ROSCO Program (NJRP).</p>\n<p>The Digital Railway Programme will benefit passengers and freight operators by delivering additional capacity, improving performance, enhancing safety and reducing the costs of operating the national railway.</p>\n<p>The FiC contract has been let by Porterbrook Leasing Company Limited (‘Porterbrook’) as the lead ROSCO for the Class 43 (supported by Angel Trains, Eversholt Rail and First Rail Holdings), under the NJRP.</p>\n<p>Zena Dent, Product Development Director at Porterbrook said: “The installation of the ETCS on to these trains will be a major step forward in the national project to introduce in-cab signalling. Porterbrook are delighted to work with our partners to deliver this important project and support the rollout of the Digital Railway”</p>\n<p>Shaun Jones, UK Vice-President, Transport, Thales, said: “Onboard ETCS is an essential building block of the Digital Railway programme. It will improve our railway operators’ performance and reliability. The technology will also unlock capacity constraints that exist on the railway network which will benefit the travelling public.”</p>\n<p><strong>Notes to editors</strong></p>\n<p>ETCS (European Train Control System) is a modern train protection system that ensures the safe transportation of passengers and goods. In an effort to harmonise the continent’s networks, ETCS has been the European standard since 1986. Today, ETCS is in service not only in Europe but also in many countries around the world. ETCS was developed to promote interoperability across Europe but it is being rapidly adopted by operators worldwide, whether they have borders to cross or not.</p>\n<ul><li>More trains: ETCS can boost the capacity of existing networks by up to 40%London, 10 May 2018</li>\n <li>Reliability improvements: radio-based communications and reduced infrastructure means there’s less to go wrong</li>\n <li>Open supply market: trackside and on-board equipment is produced by multiple suppliers in a competitive market place</li>\n <li>Impact on life cycle cost: elimination of trackside equipment, including signals; means reduced maintenance costs</li>\n</ul><p><strong>About Thales</strong></p>\n<p>The people we all rely on to make the world go round – they rely on Thales. Our customers come to us with big ambitions: to make life better, to keep us safer. Combining a unique diversity of expertise, talents and cultures, our architects design and deliver extraordinary high technology solutions. Solutions that make tomorrow possible, today. From the bottom of the oceans to the depth of space and cyberspace, we help our customers think smarter and act faster - mastering ever greater complexity and every decisive moment along the way.With 65,000 employees in 56 countries, Thales reported sales of €15.8 billion in 2017.</p>\n<p><strong>About Porterbrook</strong></p>\n<p>Formed in 1994 Porterbrook is a ‘classic’ ROSCO, which means that we do more than just lease trains. As experts in Asset Management, Porterbrook prides itself on being innovators in both finance and technology. We are committed to being socially responsible corporate citizens of Britain’s railway. In October 2014, the Porterbrook Group of companies was acquired by a consortium of investors including Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management. Porterbrook is looking to invest £1bn in UK rail over the next five years.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1414,4119,1,'Porterbrook Appoints Head Of Structured Finance','2019-11-05 16:47:27','2019-11-05 16:47:28','0ff36e7a-47a3-47b6-9dbc-706f809470c8',NULL,'<p>Porterbrook today announced the appointment of Stefan Rose as its new Head of Structured Finance.</p>\n\n<p>Stefan, who will join the business from the infrastructure debt team within UBS Asset Management in July, has over 18 years of experience in pan-European infrastructure projects including financing a number of landmark projects in the rail and rolling stock sector. Prior to UBS Asset Management, Stefan worked at Edmond de Rothschild where he was part of the team responsible for their infrastructure debt platform focusing on transportation and social infrastructure projects. Before this, Stefan worked in the infrastructure and PFI/PPP team at Mizuho Bank.</p>\n<p>In his new role, he will be responsible for Porterbrook’s relations with the financial community, as well as managing the financing of the business. Stefan’s focus will be to ensure that Porterbrook is at the forefront of financing developments in the UK rolling stock sector.</p>\n<p>Peter Coates, Porterbrook’s Chief Financial Officer, said: “I am delighted to welcome Stefan to my team at this exciting time for our business. We are looking to invest £1bn in UK rail over the next five years. Ensuring we structure our investments in an efficient and innovative way will drive value for our customers and investors and I very much look forward to working with Stefan to achieve these aims.”</p>\n<p>Stefan Rose said: “I look forward to joining Porterbrook as it embarks on this journey to secure substantial new investment in the UK rail industry. I will work with the team to ensure maximum value is delivered to our customers from these investments and build strong and long term relationships with our financial stakeholders and across the financing community.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1415,4120,1,'Porterbrook Appoints New Director Of Engineering Services','2019-11-05 16:47:28','2019-11-05 16:47:29','d22d6b31-58dd-42bf-a5e4-f77fcd7d237a',NULL,'<p>Porterbrook today announced the appointment of Jason Groombridge as its new Director of Engineering Services.</p>\n\n<p>This senior role will see Jason take responsibility for all engineering activities delivered by the business, including day-to-day customer support, whole life asset management and future strategy. Porterbrook owns over 30% of the passenger vehicles currently operating on Britain’s railway.</p>\n<p>Jason is a Chartered Engineer and has extensive experience of the rolling stock sector, gained in both the UK and Australia. He will join Porterbrook on 6th September from SNC Lavalin where he has held various senior roles, most recently as Director of Rolling Stock.</p>\n<p>Mary Grant, Porterbrook CEO said: “I am delighted that Jason has agreed to join us. This new role, Director of Engineering Services will help deliver on our commitment to proactively support our existing and future customers. Jason will also be responsible for ensuring that we deploy the very latest technology and engineering solutions to make our trains attractive to the passengers, operators and stakeholders of tomorrow’s railway.”</p>\n<p>Jason Groombridge said: “I am very excited to be joining Porterbrook, which has a growing reputation for both technical innovation and customer service. My role will be to drive both these forward by ensuring our fleets meet the developing needs of our customers and the future demands of their passengers.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1416,4121,1,'Porterbrook To Fit WSP To 153s Before Autumn 2018','2019-11-05 16:47:29','2019-11-05 16:47:29','b18b2e58-c465-40d5-ac3c-38b8bb4c1e99',NULL,'<p>Porterbrook’s successful Class 15X Wheel Slide Protection (WSP) system will be installed on a further 24 rail vehicles before autumn 2018.</p>\n\n<p>Class 153 units operated by Abellio East Anglia, West Midlands Trains and East Midlands Trains will be fitted with the system, which reduces wheel wear and damage during the autumn leaf fall season. WSP technology has already been successfully installed on Porterbrook Class 156 units last year, operated by Abellio East Anglia and East Midlands Trains.</p>\n<p>Porterbrook will lead and manage the £1m fitment project on behalf of its TOC customers. Equipment is being supplied by KBRS with design and integration work led by Derby-based SNC Lavalin. First in Class installation will also be carried out in Derby by Loram UK.</p>\n<p>Neil Foster, Fleet Services Director said “We are delighted to be working with three of our TOC customers to deliver this important industry upgrade. This WSP technology will reduce delays and engineering downtime, as well as improve over-all fleet performance. This is another example of Porterbrook innovation offering tangible cost and operating benefits to our customers.”</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1417,4122,1,'Rail Live 2018','2019-11-05 16:47:29','2019-11-05 16:47:30','be57058f-ff8a-43b0-a99c-3f0d286b4adf',NULL,'<p>Porterbrook is delighted to be showcasing the Class 769 concept at Rail Live 2018</p>\n\n<p>Please come and visit us to see how these units will be transformed.</p>\n<p>To register to attend please visit <a href=\"http://www.raillive.org.uk/\" target=\"_blank\" title=\"www.raillive.org.uk/\" rel=\"noreferrer noopener\">www.raillive.org.uk/</a></p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1418,4123,1,'Porterbrook Holds First Supplier Conference','2019-11-05 16:47:30','2019-11-05 16:47:31','c1a3c827-f626-4743-8285-d19acab16bfc',NULL,'<p>Porterbrook welcomed representatives from over 120 organisations to its first ever Supplier Conference, which was held at Derby County Football Club on the 13th of June.</p>\n\n<p>Over 200 people attended the event, representing existing and potential Porterbrook suppliers, trade associations, government departments and transport authorities. The conference featured presentations from Porterbrook senior executives who outlined the company’s commitment to collaboration and partnership.</p>\n<p>Mary Grant, Porterbrook’s CEO, opening the conference said “We want to be the UK market leading provider of rail leasing and asset management support. To do this we need to form close partnerships with you, our suppliers.</p>\n<p>“Ultimately what we have to provide is a quality-driven service to our TOC customers, always keeping in mind the needs and aspirations of their passengers. But we cannot do this alone, we need the help of our supply chain”.</p>\n<p>Mary also reminded the conference that in 2018 Porterbrook would spend almost £130m in the rolling stock after-market and had live contracts in place with over 100 UK based suppliers.</p>\n<p>Anvesh Prasad, Head of Procurement said “Collaboration is key to the future of our business. We want to engage early with suppliers, explore their innovations and build deep and long term partnerships that benefit our customers, the supply chain and Porterbrook.”</p>\n<p>The conference concluded with break-out groups where attendees had the opportunity to discuss with senior executives their ideas on how Porterbrook could improve customer-experience, maintenance and reliability, as well as suggestions on innovative products that would keep the company’s fleets attractive to both customers and passengers. Porterbrook undertook to review all the submitted ideas and will provide feedback on next steps to each of the organisations that contributed to the event.</p>\n<p>Porterbrook also confirmed that its Supplier Conference would become an annual event. The date for the 2019 Supplier Conference will be announced shortly.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1419,4124,1,'Porterbrook Completes £885m Bank Refinancing To Fund Rail Investment','2019-11-05 16:47:31','2019-11-05 16:47:32','704233fe-1c88-4968-96d8-4b9b5a2f41d0',NULL,'<ul><li><em><strong>Moody’s announce new credit rating post refinancing</strong></em></li></ul><p>25 June 2018: Porterbrook, one of the UK’s leading rolling stock companies, is delighted to announce the refinancing of its bank facilities.</p>\n<p>The new £885m facilities, which include drawn and undrawn senior debt, have been raised from a group of UK and international banks at significantly improved margins.</p>\n<p>Porterbrook is also pleased to announce a new senior credit rating published by Moody’s Investors Service, assigning a Baa2 rating for Porterbrook Rail Finance Limited’s senior debt. Porterbrook has concurrently requested the withdrawal of Standard &amp; Poor’s BBB rating of Porterbrook Rail Finance Limited and its associated senior debt for which Standard &amp; Poor’s provides a credit rating.</p>\n<p>Mary Grant, CEO of Porterbrook, said:</p>\n<p>“Demand for UK rail capacity is set to grow further with the industry Rail Delivery Group forecasting a doubling of passenger demand over the next 30 years. At the same time, rail passengers rightly expect more from their trains, be it WiFi connectivity, high quality on-board environment, increased accessibility or sustainability.</p>\n<p>\"Today’s refinancing will allow Porterbrook to continue playing a crucial role in meeting that demand, and in keeping the country moving. Our fresh firepower allows us to invest in new state-of-the-art trains while also upgrading our existing rolling stock as part of our re-leasing strategy.</p>\n<p>“It will also allow us to continue investing in our asset-management offering, enhancing the skills in our workforce, and also innovating to find new solutions to the challenges facing the entire transport industry such as emissions.”</p>\n<p>Peter Coates, CFO of Porterbrook, said:</p>\n<p>“The successful refinancing of Porterbrook’s bank facilities underlines the company’s attractiveness to debt investors. We look forward to working with our new bank group over the coming years to continue to develop the business and invest in the UK rail market.”</p>\n<p>Rothschild acted as financial adviser to Porterbrook. Milbank, Tweed, Hadley &amp; McCloy LLP acted as borrower counsel and Ashurst LLP acted as lender counsel.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1420,4125,1,'Porterbrook Completes £885m Bank Refinancing To Fund Rail Investment','2019-11-05 16:47:32','2019-11-05 16:47:33','a4d66955-07ac-4292-85cc-168b761fa95d',NULL,'<ul><li><em><strong>Moody’s announce new credit rating post refinancing</strong></em></li></ul><p>25 June 2018: Porterbrook, one of the UK’s leading rolling stock companies, is delighted to announce the refinancing of its bank facilities.</p>\n<p>The new £885m facilities, which include drawn and undrawn senior debt, have been raised from a group of UK and international banks at significantly improved margins.</p>\n<p>Porterbrook is also pleased to announce a new senior credit rating published by Moody’s Investors Service, assigning a Baa2 rating for Porterbrook Rail Finance Limited’s senior debt. Porterbrook has concurrently requested the withdrawal of Standard &amp; Poor’s BBB rating of Porterbrook Rail Finance Limited and its associated senior debt for which Standard &amp; Poor’s provides a credit rating.</p>\n<p>Mary Grant, CEO of Porterbrook, said:</p>\n<p>“Demand for UK rail capacity is set to grow further with the industry Rail Delivery Group forecasting a doubling of passenger demand over the next 30 years. At the same time, rail passengers rightly expect more from their trains, be it WiFi connectivity, high quality on-board environment, increased accessibility or sustainability.</p>\n<p>\"Today’s refinancing will allow Porterbrook to continue playing a crucial role in meeting that demand, and in keeping the country moving. Our fresh firepower allows us to invest in new state-of-the-art trains while also upgrading our existing rolling stock as part of our re-leasing strategy.</p>\n<p>“It will also allow us to continue investing in our asset-management offering, enhancing the skills in our workforce, and also innovating to find new solutions to the challenges facing the entire transport industry such as emissions.”</p>\n<p>Peter Coates, CFO of Porterbrook, said:</p>\n<p>“The successful refinancing of Porterbrook’s bank facilities underlines the company’s attractiveness to debt investors. We look forward to working with our new bank group over the coming years to continue to develop the business and invest in the UK rail market.”</p>\n<p>Rothschild acted as financial adviser to Porterbrook. Milbank, Tweed, Hadley &amp; McCloy LLP acted as borrower counsel and Ashurst LLP acted as lender counsel.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1421,4126,1,'Porterbrook Completes £885m Bank Refinancing To Fund Rail Investment','2019-11-05 16:47:33','2019-11-05 16:47:33','32122bc0-07b9-45b0-86c0-b5fae231f206',NULL,'<ul><li><em><strong>Moody’s announce new credit rating post refinancing</strong></em></li></ul><p>25 June 2018: Porterbrook, one of the UK’s leading rolling stock companies, is delighted to announce the refinancing of its bank facilities.</p>\n<p>The new £885m facilities, which include drawn and undrawn senior debt, have been raised from a group of UK and international banks at significantly improved margins.</p>\n<p>Porterbrook is also pleased to announce a new senior credit rating published by Moody’s Investors Service, assigning a Baa2 rating for Porterbrook Rail Finance Limited’s senior debt. Porterbrook has concurrently requested the withdrawal of Standard &amp; Poor’s BBB rating of Porterbrook Rail Finance Limited and its associated senior debt for which Standard &amp; Poor’s provides a credit rating.</p>\n<p>Mary Grant, CEO of Porterbrook, said:</p>\n<p>“Demand for UK rail capacity is set to grow further with the industry Rail Delivery Group forecasting a doubling of passenger demand over the next 30 years. At the same time, rail passengers rightly expect more from their trains, be it WiFi connectivity, high quality on-board environment, increased accessibility or sustainability.</p>\n<p>\"Today’s refinancing will allow Porterbrook to continue playing a crucial role in meeting that demand, and in keeping the country moving. Our fresh firepower allows us to invest in new state-of-the-art trains while also upgrading our existing rolling stock as part of our re-leasing strategy.</p>\n<p>“It will also allow us to continue investing in our asset-management offering, enhancing the skills in our workforce, and also innovating to find new solutions to the challenges facing the entire transport industry such as emissions.”</p>\n<p>Peter Coates, CFO of Porterbrook, said:</p>\n<p>“The successful refinancing of Porterbrook’s bank facilities underlines the company’s attractiveness to debt investors. We look forward to working with our new bank group over the coming years to continue to develop the business and invest in the UK rail market.”</p>\n<p>Rothschild acted as financial adviser to Porterbrook. Milbank, Tweed, Hadley &amp; McCloy LLP acted as borrower counsel and Ashurst LLP acted as lender counsel.</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),(1422,4127,1,'Porterbrook Supplier Conference on 13th June','2019-11-05 16:47:33','2019-11-05 16:47:34','e70eee63-2f17-4db2-bed6-f766abf7032b',NULL,'<p>Porterbrook is holding its first Supplier Conference on the morning of the 13th June 2018 in Derby.</p>\n<p>We are inviting existing, and potential future, suppliers to join us for this event.</p>\n<p>The Supplier Conference will provide an opportunity for supply chain companies to hear our plans for the future and meet with members of our executive, procurement and engineering teams.</p>\n<p>If you are interested in attending (maximum two people per company) please register on-line at: <a href=\"https://www.midlandsrail.co.uk/events/porterbrook-leasing-supplier-conference/\" target=\"_blank\" rel=\"noreferrer noopener\">https://www.midlandsrail.co.uk/events/porterbrook-leasing-supplier-conference/</a></p>\n<p>Full joining instructions and the agenda will be sent out in coming days to those who have registered</p>',NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL),