george matthews wrote:johnthefireman wrote:Third time! Twice before since privatisation private companies have failed running this line. In both cases they were taken over by publicly-owned entities which poceeeded to make a profit. Now a third private company has failed, and once again no doubt a publicly-owned entity will run it and make a profit again until, as you say, it is given back to yet another private company to fail yet again. Madness.
The minister in charge has said the government company will be called London and North Eastern. I am not sure what label it has at present.Is it GNER or did that go bust earlier?
GNER was the first to go under, around 2006.
Second was National Express East Coast, which collapsed in 2009.
Virgin Trains East Coast is the third after the partnership overbid on the franchise, and when passengers numbers didn't increase as predicted has resulted in losses of £100m so far.