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Chiltern Railways was founded as M40 Trains by a group of ex-British Rail managers backed by John Laing and 3i; in June 1996, it was announced that M40 Trains had been awarded the Chiltern Railways franchise. On 21 July 1996, it took over operations from British Rail.
Chiltern Railways operates commuter and regional routes on the Chiltern Main Line. The Chiltern Railways Franchise runs from 21 July 1996 to December 2027. Arriva TrainCare operates train maintenance depots at Bristol Barton Hill TMD, Cambridge, Crewe, Eastleigh and Newcastle upon Tyne.
Chiltern Railways: Chiltern Railways Arriva UK Trains: 88% 21 July 1996: Network SouthEast (Chiltern Division) CH CrossCountry: New CrossCountry 85% 11 November 2007: Central Trains (Birmingham – Stansted), (Cardiff – Nottingham) Virgin CrossCountry: XC East Midlands Railway: East Midlands Transport UK Group: 83% 18 August 2019
Chiltern Railways chairman Adrian Shooter said, "This is the biggest passenger rail project for several generations not to call on the taxpayer for support. Working closely with Network Rail, we are going to create a new main line railway for the people of Oxfordshire and the Midlands.
It gained its first franchises in February 2000. Arriva UK Trains currently runs a number of train operating companies: Arriva Rail London: operates London Overground, concession runs until May 2026; Chiltern Railways: operates services on the Chiltern Main Line, franchise runs until December 2027
Gatwick Express, the third railway service to be franchised in 1996. Passenger rail franchising in Great Britain is the system of contracting the operation of the passenger services on the railways of Great Britain to private companies, which has been in effect since 1996 and was greatly altered in 2020, with rail franchising being effectively abolished in May 2021.
Chiltern Railways has committed to expanding trials converting diesel trains to diesel-battery hybrids.
The Rail Delivery Group is the coordinating body of the train operating companies in Great Britain and owns the National Rail brand, which uses the former British Rail double-arrow logo and organises the common ticketing structure. Many of the train operating companies are in fact parts of larger companies which operate multiple franchises.