Virgin Group, founded by billionaire Richard Branson, is seeking to raise £700 million to finance its plan to launch new cross-Channel rail services aimed at competing with Eurostar. The company, which previously operated intercity trains in Britain, including routes between London and Glasgow, intends to start rail services connecting London to Paris, Brussels, and possibly even Amsterdam. Virgin is planning for a high-frequency service with a potential launch by the end of the decade, making it the first direct competitor to Eurostar. Virgin Group announced its plan to raise £300 million in equity and £400 million in debt and intends to be a cornerstone investor, contributing some of the initial capital needed to kickstart the project. The spokesperson for Virgin Group stated that the cross-Channel route is in need of change and could benefit from competition, adding that while no service launch is guaranteed, the company is seeking investment from like-minded partners to join forces with Virgin and is pleased with the current progress. This initiative comes shortly after agreements between the Channel tunnel operator, Getlink, and London’s St Pancras railway station to collaborate on increasing services between Britain and France and opening new rail routes to Germany and Switzerland. Virgin is not the only company interested in the London-Paris route; Spanish rail company Evolyn has also announced plans to start a high-speed service linking the capitals. However, both Virgin and Evolyn’s projects have faced setbacks due to a dispute over access to the depot in Leyton, east London, where Eurostar currently stores and maintains its trains, with both companies asking the Office of Rail and Road to intervene.

Source: https://www.theguardian.com/business/2025/mar/09/virgin-aims-to-raise-700m-to-rival-eurostar-on-cross-channel-trains-richard-branson