Stephenson Harwood LLP has advised Lloyds Bank plc and the Royal Bank of Scotland plc on the sale of a fleet of passenger train rolling stock to Beacon Rail Leasing.

Pan-European rolling stock lessor Beacon Rail Leasing has completed the acquisition of a fleet of Bombardier Class 220 and Class 221 Voyager diesel-electric units from subsidiaries of Lloyds Bank and the Royal Bank of Scotland. In April 2017, Beacon Rail Leasing was acquired by institutional investors advised by J.P. Morgan Asset Management.

The fleet is currently in passenger service on the Virgin West Coast and the Arriva Cross Country franchises and comprises of 352 vehicles in 78 sets of four and five vehicles formations.

The Stephenson Harwood team was led by London-based asset finance partner Lisa Marks and corporate partner Ben Mercer, and included support from corporate senior associate Charlotte Laing, rail associate Richard Shepherd and trainee solicitor Charlotte Matthews.