Eurostar Group

Last updated

Eurostar Group
Company type Private
IndustryHigh-speed rail service
Founded7 April 2022;3 years ago (2022-04-07)
Headquarters
Saint-Gilles   OOjs UI icon edit-ltr-progressive.svg
,
Belgium  OOjs UI icon edit-ltr-progressive.svg
Area served
Key people
Gwendoline Cazenave  OOjs UI icon edit-ltr-progressive.svg (CEO)
Services Eurostar
Owner
[1]
Subsidiaries
Website www.eurostar.com OOjs UI icon edit-ltr-progressive.svg

Eurostar Group is the parent holding company of the Eurostar high-speed rail service. It wholly owns Eurostar International Limited (EIL), which operates Eurostar services via the Channel Tunnel, and THI Factory (THIF), which operates Eurostar services within continental Europe. Eurostar Group is majority-owned by SNCF Voyageurs and is based in Brussels, Belgium.

Contents

History

Background

Eurostar International Limited

When trans-channel Eurostar services began on 14 November 1994, [2] they were operated as a joint venture by SNCF, NMBS/SNCB, and European Passenger Services (EPS), a subsidiary of British Rail. [3] [4] : 7 

In 1996, the privatization of British Rail saw ownership of EPS transferred to London and Continental Railways (LCR), a private consortium which had won the contract to build and operate the Channel Tunnel Rail Link (later known as High Speed 1). [5] [6] LCR renamed EPS as Eurostar (UK) Limited, [7] and intended to use Eurostar revenue to help finance the construction of the rail link. However, patronage underperformed expectations, [4] : 48  and LCR required bailouts which brought it under the control of the British Government. [8] [9]

In 2010, Eurostar (UK) Limited was renamed Eurostar International Limited (EIL), [7] and agreement was reached between the three national Eurostar operators to combine trans-channel Eurostar operations under it. [10] [11] Once all Eurostar assets were transferred to EIL, the holdings in the company were amended to SNCF (55%), LCR (40%), and NMBS/SNCB (5%). [4] : 12–13 

In 2014, the British Government transferred LCR's 40% stake in EIL to HM Treasury to enable its sale. [12] The following year, the shareholding was sold to the Caisse de dépôt et placement du Québec (CDPQ) (30%) and Hermes Infrastructure (10%) for £760m. [13] [4]

THI Factory

From June 1996, NMBS/SNCB and SNCF began jointly operating passenger rail services between Belgium and France, and later into Germany and the Netherlands, under the brand name Thalys . [14] The service was managed by Thalys International (initially named Westrail International), a Belgian cooperative society with limited liability [15] which was 70% owned by SNCF and 30% owned by NMBS/SNCB. [16] : 101 

In 2007, Deutsche Bahn (DB) bought into Thalys International with a 10% stake, causing the SNCF and NMBS/SNCB shareholdings to be recalculated to 62% and 28% respectively. [17] [18] DB announced its exit from Thalys in 2013. [19]

Following DB's departure, a Belgian public limited company named THI Factory (THIF) was established by SNCF and NMBS/SNCB [20] with a 60∶40 shareholding split respectively. [18] In March 2015, THIF took over direct operation of Thalys from the national operators. [21]

In February 2022, Thalys International was absorbed into THIF. [15]

Formation

In September 2019, it was reported that EIL and THIF shareholders were pursuing a plan to merge the two companies, both majority owned by SNCF, as part of a project dubbed Green Speed. Both companies were already operating in France, Belgium, and the Netherlands, with EIL also operating Eurostar services in the United Kingdom, and THIF also operating Thalys services in Germany. Stated aims of the merger were to reduce costs and provide a more seamless experience to passengers, with the use of a single ticketing system and loyalty program. [22] The proposal was criticized by the European Passengers’ Federation, who believed that the merger would give the new company a monopoly position and lead to higher ticket prices for passengers. [23]

After being delayed by the COVID-19 pandemic, the merger project resumed in October 2021. It was announced that both services would be operated under the Eurostar brand, while the Thalys brand was to be dropped, [24] with EIL's existing Eurostar service described as Eurostar Blue and THIF's existing Thalys service described as Eurostar Red. [25]

The European Commission approved the planned merger on 29 March 2022. [26] In April 2022, the new holding company, Eurostar Group, was established in Belgium as a public limited company, [27] and full ownership of both EIL and THIF was transferred to it. Ownership of Eurostar Group was split between the previous shareholders of EIL and THIF, with SNCF retaining its majority stake. [28]

Passenger numbers and revenue

In January 2024, Eurostar Group announced that its passenger numbers in 2023 are back to pre-Covid levels, as total passenger numbers reached 18.9 million in 2023, a 22% increase from 2022 numbers. [29] Eurostar Group's stated target is to reach 30 million passengers by 2030.

Yearly passengers and revenue
YearPassengers (million)YOY changeRevenue
202215.3€1.59bn
202318.6€2bn
202419.5 [30] Increase2.svg +5 %

References

  1. ↑ Preston, Robert (13 May 2022). "Eurostar - Thalys merger completed". International Railway Journal. Retrieved 10 March 2025.
  2. ↑ "In pictures: Eurostar celebrates 25 years of service". BBC News . British Broadcasting Corporation. 15 November 2019. Retrieved 14 June 2021.
  3. ↑ Maund, Richard (15 February 2025). "Rail chronology: Eurostar services". branchline.uk. The Branch Line Society.
  4. 1 2 3 4 Comptroller and Auditor General (6 November 2015). The sale of Eurostar (PDF) (Report). London: National Audit Office.
  5. ↑ "Virgin consortium calls pitch for 5m Eurostar". Marketing Week . 18 March 1996.
  6. ↑ "London & Continental wins Eurostar and Channel Tunnel Rail Link". The Railway Magazine . No. 1, 141. May 1996. p. 9.
  7. 1 2 Companies House. "EUROSTAR INTERNATIONAL LIMITED". GOV.UK. 02462001.
  8. ↑ Pollalis, Spiro N.; Georgoulias, Andreas (October 2008). "Channel Tunnel Rail Link: Risk Transfer and Innovation in Project Delivery" (PDF). Cambridge, Massachusetts: Harvard Design School. Archived from the original (PDF) on 1 March 2022. Retrieved 31 May 2013.
  9. ↑ "Government takes control of London & Continental Railways". Railway Gazette International . 9 June 2009.
  10. ↑ "Eurostar restructure sees UK expand rail stake". AllRailJobs.co.uk. 27 June 2009. Archived from the original on 23 October 2013.
  11. ↑ "Eurostar confirms plans for senior management changes". Breaking Travel News. 20 August 2009. Archived from the original on 27 October 2020. Retrieved 7 January 2010.
  12. ↑ "Eurostar rail stake touted for sale by UK government". BBC News . British Broadcasting Corporation. 13 October 2014. Retrieved 14 August 2016.
  13. ↑ "UK government sells Eurostar stake for £757.1m". BBC News . British Broadcasting Corporation. 4 March 2015. Archived from the original on 16 February 2019.
  14. ↑ de Kemmeter, Frédéric (2 June 2021). "25th anniversary of Thalys: how did it start?". RailTech.com. Rotterdam: ProMedia Group.
  15. 1 2 Crossroads Bank for Enterprises. "THALYS INTERNATIONAL". Brussels: Federal Public Service Economy. 0455.370.557.
  16. ↑ Deliverable B6 – Business Model for international Co-operation (PDF) (Report). Towards new Rail freight quality and concepts in the European Network in respect to market Demand. Hanover: HaCon Ingenieurgesellschaft mbH. 31 July 2006. Archived from the original (PDF) on 9 November 2020.
  17. ↑ "DB buys into Thalys". Today's Railways Europe . No. 140. 1 August 2007. p. 40. ISSN   1354-2753.
  18. 1 2 Briginshaw, David (10 November 2014). "Thalys set to become independent in 2015". International Railway Journal . Simmons-Boardman Publishing.
  19. ↑ McWhirter, Alex (17 May 2013). "Deutsche Bahn to stop selling Thalys tickets". Business Travel News Europe. Northstar Travel Media Ltd.
  20. ↑ Crossroads Bank for Enterprises. "THI FACTORY". Brussels: Federal Public Service Economy. 0541.696.005.
  21. ↑ "Thalys is now a train operating company" (PDF) (Press release). Thalys International. 1 April 2015. Archived from the original (PDF) on 26 September 2015. Retrieved 9 November 2019.
  22. ↑ Briginshaw, David (27 September 2019). "Eurostar-Thalys merger proposal revealed". International Railway Journal . Simmons-Boardman Publishing. Archived from the original on 23 August 2025. Retrieved 2 May 2022.
  23. ↑ "'Merger Eurostar and Thalys leads to more expensive train ticket'". RailTech.com. Rotterdam: ProMedia Group. 6 April 2021. Archived from the original on 3 July 2022. Retrieved 2 May 2022.
  24. ↑ Clinnick, Richard; Burroughs, David (4 October 2021). "Eurostar brand to be retained in Thalys merger". International Railway Journal . Simmons-Boardman Publishing. Archived from the original on 6 April 2022. Retrieved 2 May 2022.
  25. ↑ Pommier, Sébastien (31 March 2022). "Fusion Eurostar-Thalys : la Commission européenne donne son feu vert". LExpansion.com (in French). Archived from the original on 27 April 2022. Retrieved 2 May 2022.
  26. ↑ Posaner, Joshua (29 March 2022). "Eurostar-Thalys merger on track, as EU gives approval". Politico Europe . Axel Springer SE. Archived from the original on 2 May 2022. Retrieved 2 May 2022.
  27. ↑ Crossroads Bank for Enterprises. "Eurostar Group". Brussels: Federal Public Service Economy. 0784.617.657.
  28. ↑ "Eurostar, Thalys merge to bring more high-speed rail routes to Europe". Railway Technology. 2 May 2022. Archived from the original on 29 September 2022. Retrieved 2 May 2022.
  29. ↑ Topham, Gwyn (24 January 2024). "'Eurostar passenger numbers back to pre-Covid levels'". The Guardian . Archived from the original on 27 May 2024. Retrieved 24 January 2024.
  30. ↑ Eurostar Group (July 2025). Sustainability report 2024 (PDF). THI Factory. Wikidata   Q136734810.
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