Class 334 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 Eversholt Rail Leasing Limited (Beacon Rail) for 40 x 3 car Class 334 vehicles (the Fleet). The Lease is currently scheduled to expire on 31 December 2030. The parties have agreed to revise the scheduled expiry date to extend the Lease to 31 December 2034, for the same scope of supplies, with an option to extend for up to a further 12 months beyond this revised date. The value of that extension (inclusive of options) is estimated to be GBP 94,900,000 excluding VAT. This extension is necessary to ensure SRT is able to discharge its obligations and continue to deliver vital services while the suburban new fleet procurement is concluded and is therefore an interim solution until the new fleet can be procured, built and commissioned for passenger service.