Prism Rail[1] was a British passenger rail company formed in July 1995 to bid for rail franchises in the United Kingdom during the privatisation of British Rail. It expressed interest in eighteen franchises, was shortlisted for twelve and was ultimately awarded four, LTS Rail, Valley Lines, Wales & West, and West Anglia Great Northern.[2]
History
Prism Rail was established by a number of individuals from the private bus industry with the intention of securing one or more of the passenger rail franchises that were being created by the privatisation of British Rail.[3] In order to finance its bid for its first franchise, the company secured external backing, initially from a small number of institutional investors and subsequently via the company's listing on the Alternative Investment Market in May 1996.[4]