Laing in £371m railway franchise

COMMUTERS using London's Marylebone railway station will see £371m of new investment on the Chiltern Railways line after operator John Laing secured a 20-year franchise.

Chiltern Railways has consistently been recognised as one of the most efficient network operators and the 20-year extension is the first since ex-Virgin Trains boss Richard Bowker became head of the Strategic Rail Authority.

As part of a pledge to get 15 out of 16 trains running within five minutes of their scheduled time by 2004, construction group Laing, increasingly a specialist in public finance initiative projects, will spend £140m on line improvements, £131m on new trains, £17m on refurbishing existing stock and £62m upgrading stations, depots and car parking facilities.

Chiltern has been run by M40 trains for the past five years, a vehicle in which Laing increased its initial 25% holding to 84% in 1999.