This €26.3 million acquisition, completed without any increase in debt, is in line with Eurotunnel's strategy to develop a leading position in the European rail freight market.
As a result of the complementarities between its French rail freight subsidiary, Europorte France, and GBRf in terms of geographic cover and customer type, Groupe Eurotunnel now has a high performance potential that will enable it to offer customers a complete service, especially across the Channel.
The UK rail freight market is one of the most developed in Europe, with annual growth averaging 4% between 1995 and 2008. It has pioneered liberalisation since the introduction of competition in 1996.
GBRf is a profitable business generating revenues of £56 million in 2009, and is present in all rail freight markets: intermodal, bulk, infrastructure, etc.
Whilst welcoming Eurotunnel's entry into the UK market as it expands it freight operations on both sides of the Channel, the Rail Freight Group (RFG) says it is vital that this move be used as an opportunity to reduce the cost of moving international rail freight between the UK and France.
Maggie Simpson, policy manager at the RFG, said: "No doubt there will be concerns from our members over the fair implementation of tunnel access charges, and it will now be up to Eurotunnel to provide complete transparency to all its freight users."
