The chief executives of three rolling stock companies (Roscos) that supply trains to UK railways earned a combined £3.5m last year, as the firms paid out nearly £400m in dividends to shareholders. The pay packages of these rail bosses have sparked fresh controversy over private profits in the publicly funded rail network.
Rosco Bosses' Pay and Dividends Under Fire
Accounts published this week reveal that Porterbrook Holdings, Eversholt Rail, and Angel Trains rewarded their top executives handsomely while distributing massive dividends. Porterbrook paid £80m in dividends and increased CEO Mary Grant's pay by over 10% to £1.44m. Eversholt Rail distributed £200m in 2025 before its sale to Beacon Rail, with departing CEO Mary Kenny receiving £1.33m. Angel Trains paid £111m in dividends and a comparatively modest £700,000 to its boss, Malcolm Brown.
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These figures far exceed the highest salaries elsewhere on the railway, including the heads of Network Rail and HS2. The RMT union has condemned the payouts, calling for a levy on Roscos. It highlighted that the three biggest Roscos have paid £2.4bn in dividends over the last decade.
Comparison of Rosco Executive Pay and Dividends
| Company | CEO | CEO Pay | Dividends Paid |
|---|---|---|---|
| Porterbrook Holdings | Mary Grant | £1.44m | £80m |
| Eversholt Rail | Mary Kenny | £1.33m | £200m |
| Angel Trains | Malcolm Brown | £700,000 | £111m |
Union Backlash and Calls for Public Ownership
The RMT union accused the Roscos of profiting at passengers' expense. General secretary Eddie Dempsey said: “The government’s commitment to explore publicly owned rolling stock for the ne...” (truncated). The union is pushing for a levy on these companies to recoup some of the dividends for public benefit.
The government is considering direct ownership of trains through Great British Railways, a public body, instead of leasing from the private sector. This move could save hundreds of millions of pounds annually, according to critics of the current leasing model.
Key Takeaways
- Three Rosco CEOs earned a combined £3.5m in 2024.
- Dividends to shareholders totalled nearly £400m.
- RMT calls for a levy on Roscos and public ownership.
- Government explores direct train ownership via Great British Railways.
FAQ
What are rolling stock companies (Roscos)?
What are rolling stock companies (Roscos)?
Roscos are private firms that own and lease trains to UK rail operators. They earn revenue from leasing fees paid by train operating companies, which are often subsidised by the government.
How much did Rosco bosses earn last year?
How much did Rosco bosses earn last year?
The three chief executives earned a combined £3.5m in 2024, with individual pay ranging from £700,000 to £1.44m.
What is the RMT proposing?
What is the RMT proposing?
The RMT union is calling for a levy on rolling stock companies and for the government to bring train ownership into public hands through Great British Railways.
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