Virgin Group Seeks £700M to Challenge Eurostar with Cross-Channel Rail Service

Virgin Group Seeks £700M to Challenge Eurostar with Cross-Channel Rail Service

Virgin Group, led by British billionaire Richard Branson, is aiming to raise £700 million ($900 million) to launch a high-speed rail service connecting London with Paris and Brussels, with future expansion to Amsterdam. The move positions Virgin as the first direct competitor to Eurostar in over 30 years, with a potential launch as early as 2029.

The company plans to secure £300 million in equity and £400 million in debt to fund the project, confirming a report by the Financial Times. Virgin will also act as a cornerstone investor while seeking additional partners to support the initiative.

A spokesperson for Virgin stated that the cross-Channel route is "ripe for change" and would benefit from increased competition. However, the company has not yet fully committed to launching the service, pending further investment.

Eurostar welcomed the development, emphasizing the growing demand for high-speed rail travel in Europe.

If successful, Virgin’s high-frequency service could reshape the European rail market, offering travelers more choices and potentially driving down ticket prices.