History
Virgin Rail Group was awarded the InterCity West Coast franchise in January 1997 after beating Sea Containers and Stagecoach with operations commencing on 9 March 1997.
In October 1998 Virgin Group sold 49% of the shares in Virgin Rail Group to Stagecoach.
When Virgin won the franchise, Railtrack was to upgrade the West Coast Main Line to allow tilting trains to operate at 140 mph by 2005. In the wake of the collapse of Railtrack and the inability of Network Rail to deliver on the 140 mph West Coast Main Line upgrade, both the Virgin CrossCountry and Virgin West Coast franchises were suspended in favour of management contracts in July 2002. Due to costs having blown out from £2.5 billion to £10 billion there were cutbacks to the upgrade and the top speed reduced to 125 mph.
Read more about this topic: Virgin Trains
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