Class 318 Rolling Stock Lease

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 21 x 3 car Class 318 vehicles (the Fleet). The Lease is currently scheduled to expire on 31 December 2027 and 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 one year. The value of that extension (inclusive of options) is estimated to be GBP 54,700,000 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.