Foundation and early activity
Getlink's origins can be traced to the formation of Groupe Eurotunnel on 13 August 1986; it was established in accordance with the Concession Agreement of 1986 between the governments of France and the United Kingdom with the goal of financing, building and operation of a tunnel between England and France.[3][4] Groupe Eurotunnel awarded a contract for the tunnel's construction to the bi-national project organisation TransManche Link (TML).[5] Furthermore, the company employed Maître d'Œuvre to act as a supervisory engineering body under the terms of the concession that monitored and reported on the project.[6]
While TML designed and built the tunnel, financing was handled by Groupe Eurotunnel; however, the British and French governments controlled final engineering and safety decisions, later formalised through the Channel Tunnel Safety Authority. The British and French governments gave Eurotunnel a 55-year operating concession, originally running from 1987; this was extended by 10 years to 65 years in 1993. Private funding for such a complex infrastructure project was of unprecedented scale. An initial equity of £45 million was raised, then increased by £206 million private institutional placement, £770 million was raised in a public share offer that included press and television advertisements, a syndicated bank loan and letter of credit arranged £5 billion.[5] The final cost for the tunnel's construction came to around £9.5 billion, roughly double TML's original estimate of £4.7 billion.[7][8] This overrun has been attributed, in part, as a response to enhanced safety, security, and environmental demands.[9] Financing costs were 140% higher than forecast.[10]
Construction of the tunnel took place between 1988 and 1994; at the peak of construction activity, roughly 15,000 people were employed while in excess of £3 million was being expended each day.[11] On 6 May 1994, the completed tunnel was officially opened by Queen Elizabeth II and President François Mitterrand; regular services commenced later that same month.[3] In its first year of operation, Groupe Eurotunnel lost £925 million, which was attributed to disappointing revenue from both passengers and freight traffic, as well as heavy interest charges on its £8 billion of debt.[12] The poor fiscal performance can also be partially attributed to the phased opening of the tunnel; various services awaited approval from the Channel Tunnel Safety Authority, some of which did not receive permission to commence until over a year after the tunnel's official opening date.[13]
On 10 July 1997, a financial restructuring plan was approved by Groupe Eurotunnel's shareholders.[3] On 19 December, both the British and French governments officially agreed to extend its concession to 2086. On 7 April 1998, the financial restructuring process was officially completed. On 30 December 1999, as required by the Concession Agreement, Groupe Eurotunnel presented a road tunnel project to the British and French governments.[3]
2000s
On 13 February 2004, Groupe Eurotunnel was granted a rail operator's licence in France, becoming the first company ever to possess such status.[3]
In April 2004, a dissident shareholder group led by Nicolas Miguet succeeded in taking control of Groupe Eurotunnel's board. However, during February 2005, Jean-Louis Raymond, the Chief Executive appointed as a consequence of the boardroom coup, resigned and Jacques Gounon took complete control, becoming both Chairman and Chief Executive.[14] During July 2006, shareholders voted on a deal that would have seen half the debt, by then reduced to £6.2 billion, exchanged for 87% of the equity.[15][16] However, this plan failed, and on 2 August 2006, Groupe Eurotunnel was placed into bankruptcy protection by a French court for six months.[17] In May 2007, a restructuring plan was approved by shareholders, whereby
2010s
In January 2010, the Port of Dunkirk awarded Eurotunnel a seven-year concession to operate its 200 km railway system.[27]
In June 2010, the company acquired British railfreight company First GBRf for £31 million from FirstGroup, to be merged into its Europorte subsidiary. It was rebranded GB Railfreight.[28][29]
On 11 June 2012, a bid by Groupe Eurotunnel for three Channel ferries belonging to former operator SeaFrance (in liquidation) for lease to another operator was accepted,[30] and Eurotunnel acquired the SeaFrance ferries Berlioz, Rodin and Nord Pas-de-Calais. Eurotunnel was chartered to start the
2020s
In early 2020, Getlink announced the separation of the position of chairman of the supervisory board from that of chief executive officer from July 2020; accordingly, Jacques Gounon remained President and Yann Leriche became CEO.[42] In June 2020, the company dropped its listing on the London stock exchange; it remains listed on the Euronext Paris market.[43]
Following the Brexit vote for the United Kingdom to leave the European Union, Getlink and subsidiary company Eurotunnel made preparations for impending border control changes. Accordingly, an additional 290 truck parking spaces at the Coquelles terminal were constructed, while all the truck controls have been grouped into a single point, the Pit-Stop. Three additional border control lanes at the Coquelles terminal and two lanes at the Folkestone were created. A smart border has been developed in collaboration with Customs and a Customs-SIVEP center to carry out additional veterinary and phytosanitary controls has been built.[44]
SAS PARAFE, for the identity check of coach passengers, were installed on the two terminals in 2019; furthermore, 300 French and English staff were trained in administrative and customs formalities, veterinary and phytosanitary procedures, checks and document scanning, support and information for customers.
