Rolling stock

Delivering insight from “all sides of the table”, we utilise our significant and varied experience in advising private sector financiers, lessors, manufacturers, procurers, maintainers and operators of rolling stock.

We cover the whole spectrum from rolling stock manufacturing, mobilisation and migration arrangements for successful franchise bidders and outgoing franchise operators, as well as ROSCOs and alternative rolling stock funders and financiers on their investments into the rail industry. 

We also advise on depot procurement, financing and leasing, both in the UK and internationally, offering innovative ways for third parties to invest in the rail industry, which is an increasing desire from public sector and industry bodies alike.

A selection of our team’s experience is below:


Advising CAF in relation to the project documents for the sale of rolling stock for various train operations, including Northern Ireland Railway, Docklands Light Railway, Caledonian Sleeper, West Coast, Nexus Metro, Wales and Borders, HS2 and for trams purchased by the West Midlands Combined Authority for operation in Birmingham. Advice centred around the manufacture and supply, service and leasing agreements, as well as overarching arrangements with the DfT/Transport Scotland/Transport for Wales/TfL in relation to the ongoing leasing of new trains. 

Transport UK Group (formerly Abellio)

Advising Transport UK Group (formerly Abellio) on its procurement of 33 five-car bi-mode AT300-SXR units from Hitachi and associated train services arrangements.


Advising Corelink Rail Infrastructure in relation to the procurement of new rolling stock, including contracts in relation to 36 three-car Aventra Units, 16 five-car electric multiple units and 29 5-car electric multiple units.

Vivarail – Island Line Rolling Stock

Advising Lombard North Central, part of the RBS Banking Group, in relation to the manufacture and supply by Vivarail to South Western Railway of five class 484 two-car electric multiple units, which will be manufactured by Vivarail using bodyshells and bogies from former London Underground District Line cars. SWR is responsible for the infrastructure and issues relating to testing and transportation of the rolling stock meant that this matter was, in some areas, unique.


Advising a number of clients on maintenance and refurbishment projects in heavy and light rail rolling stock, including related spares arrangements.