Class 156 Rolling Stock Lease

Description

This notice concerns a modification to an existing lease (the Lease) procured whilst ScotRail was under the Abellio franchise ownership, between ScotRail Trains Limited (SRT) and Angel Trains Limited (Angel) for 76 Class 156 vehicles (the Fleet). The Lease is currently scheduled to expire on 31 March 2027 with the option to extend until 31 December 2027. A 5-year extension has been agreed to the Lease for the same scope of supplies, with an additional option to extend for up to a further 1 year. The value of that extension (inclusive of options) is GBP 77,000,000 excluding VAT. This extension is necessary to ensure SRT is able to discharge its obligations and continue to deliver vital services while the rural new fleet procurement is progressed and is therefore an interim solution until the new fleet can be procured, built and commissioned for passenger service. There is a Continued Service Operation (CSO) workstream in progress to restore the condition of the fleet due to their age which will ensure it can continue to operate for passenger service for the duration of the extension.