Intercity Express Programme

In November 2018, a consortium of Rock Rail, Dalmore Capital, Equitix Investment Management and Japan Infrastructure Initiative acquired a 30% stake in Agility Trains West (“ATW”) from Hitachi Rail Limited.

In April 2019, the same consortium acquired a further 15% share in the company.

Agility Trains West was established in 2012 to finance, own and maintain the first phase of the £5.7bn Government-led Intercity Express Programme (IEP), one of the UK’s most significant rail programmes. This consisted of 57 Hitachi class 800 electric diesel bi-mode trains to serve the Great Western main line, which were in service by December 2018.



  • Wi-Fi available throughout
  • At seat plug sockets
  • Air conditioning
  • Environmentally efficient, faster trains with better braking
  • Improved customer information system
  • Reduced wear on the rail infrastructure
  • Increased capacity into London Paddington
Rock’s extensive rail expertise and strong relationships with rail and investor stakeholders has enabled them to deliver highly attractive new sector opportunities for the investor community.
Hiroaki Odajima
Managing Executive Officer
Japan Infrastructure Initiative