Swiss rail wagon specialist Wascosa has signed a 10 year leasing deal with Network Rail to provide 570 new wagons.
The specialist company, represented in the UK from North Lincolnshire, was advised by Hull-based Myton Law, with the firm having worked with the management team to form a British subsidiary to support the multi-million pound agreement.
Together they also arranged an overhaul and maintenance contract with GB Railfreight and a finance agreement for the new rolling stock with manufacturer Greenbrier Europe.
Wascosa chairman and owner, Philipp Müller, said: “For Wascosa, this achievement is recognition of our determination to develop efficient and innovative solutions for wagon users. We are delighted to have been selected to serve Network Rail’s wagon needs and look forward to working closely with Network Rail’s team and our partners to deliver a first class service over the coming years.”
The first of the wagons, which will be manufactured in Poland and Romania, will start to be delivered in October next year.
They are to be used in track maintenance and network development.
Alongside conventional box wagons, Wascosa – with an office in Epworth between Scunthorpe and Doncaster – has developed a modular wagon for the carriage of track panels, sleepers, switches, rails and loose materials, made possible by a range of innovative superstructures which can be mounted on a fleet of 60 ft container flats.
John Smith, managing director of GB Railfreight said: “Being able to bring the industry together to offer an efficient flexible wagon solution to Network Rail is crucial to be able to deal with supply chain demands for the future. Equally as important is modernisation of infrastructure wagons that will last for many years. GB Railfreight are delighted to have partnered with Wascosa to be able to offer innovative superstructures and efficient wagon maintenance to Network Rail that achieves both modernisation and future wagon supply chain demands.”
It is described as a “ground-breaking solution for Network Rail” by Wascosa, with the move described as one that “positions the company perfectly for future growth in the UK”.
The Myton law rail team was led by Chris Thornes, who joined in 2016 having spent 10 years as an in-house lawyer in the industry, latterly as head of commercial law at DB Cargo UK.
“Chris Thornes at Myton Law has been a valuable advisor in this transaction providing UK law guidance combined with experience from his many years of experience in the UK rail sector,” Mr Müller said, reflecting on a “two year intense period”.
Mr Thornes said: “Wascosa is a highly regarded pioneer in this industry, so it has been very exciting to support them in developing this major new leasing contract, which has involved a complex set of agreements covering finance, purchase and leasing right through to on-going maintenance.”