Island Line – which runs trains on the Isle of Wight – bought its six two-car units from HSBC (Rail) for £1 at a ceremony at Ryde St Johns Road last week (March 2007).

Like other train companies, it had previously paid leasing charges for the units but had become increasingly unhappy at having to pay what was widely regarded as an excessive fee for the oldest stock on the National Rail network, now
almost 70 years old.

As well as being vertically integrated – it employs its own
signallers – it now owns all its rolling stock, but still has to pay a maintenance fee to Network Rail.

It is believed to have to hire engineering trains from the Isle of Wight Steam Railway.

It now looks even more like British Rail - perhaps other companies will follow its example!

Information from Stuart George