Cross London Trains: Financial Management
Vercity’s focus on the Cross London Trains project is delivering quality services to end users and protecting shareholder and debt provider investments. The new Class 700 trains are designed to be 25% lighter and up to 25% more energy efficient than existing trains.
Sector
Transport Infrastructure
Key Stakeholders
Cross London Trains
Original Investment Value
£1.6bn (Original construction cost)
The project
Cross London Trains Limited is a group of companies formed to deliver the Thameslink Rolling Stock Project. The company purchased 115 new Class 700 trains from Siemens to lease to the Train Operating Company, who are responsible for the Thameslink passenger rail franchise.
Approach
Vercity provides financial management and company secretarial services to the project. We focus on delivering services to end users, protecting shareholder and debt provider investments, while enhancing investment returns. Our primary objective is to ensure that the directors of Cross London Trains are furnished with accurate, timely and relevant information and that they’re informed of emerging risks and opportunities. Vercity operates processes and procedures that ensure funders approve shareholder distributions on time. We’re particularly focused on ensuring operations meet with all funding compliance and project agreements.
Process
Vercity provides comprehensive financial management to the project, ensuring compliance with all finance-related contractual and statutory reporting requirements. Our priority is to identify and highlight project risks early and to ensure that effective and immediate remedial action is implemented to safeguard project performance. We use our extensive resource base to respond to project contingencies, ranging from general finance, compliance and management, to specialist services such as modelling and long-term lifecycle forecasting. We also provide corporate IT and disaster recovery as part of our risk management strategy. In establishing positive relationships with senior funders in the sector, we invite them on site tours to update them on the projects’ activities, building their confidence.
The result
The Class 700 is the first train in the country to feature the new European Train Control System (ETCS), combined with an Automatic Train Operation System (ATOS). It’s also designed to be 25% lighter than existing trains and up to 25% more energy efficient. The train interior is designed to increase capacity and passenger comfort. With wide doors, the carriages enable better wheelchair accessibility and extra space for luggage and bicycles. Carriages feature panoramic windows, climate-controlled temperature and information screens, providing updates on which carriages are full as well as information on ongoing transport links.
Project impact
In continuing to undertake due diligence, we ensure that contractual provisions are understood and applied correctly. We identify areas of potential benefit and make recommendations to address them. With our robust approach to governance, Cross London Trains can operate with confidence, knowing that their investments are safeguarded through contractual and legislative compliance and risk management techniques.
Meet your contract obligations, deliver with confidence
Learn more about Vercity’s operations management capabilities.
Contact us