Eurostar Group Ltd. Plans to launch direct train services from London to Frankfurt and Geneva next decade, connecting the UK’s capital to two of Europe’s key financial centers.
The journeys would each take roughly five hours, a spokesperson for the operator said. As part of the new services, Eurostar, which is majority-owned by France’s state rail company SNCF, said it would invest approximately €2 billion ($2.3 billion) to increase its fleet by around 30%.
Eurostar’s plans come as it faces criticism over high prices and reliability. It could also face opposition from other operators pushing to launch rival services to end its 31-year monopoly on international trains from Britain. Richard Branson’s Virgin Group and FS Italiane Group are among the companies seeking to challenge Eurostar on its flagship route between London and Paris.
Offering direct trains from London to Frankfurt and Geneva would allow bankers and other finance professionals to continue their work and make calls during their journeys, unlike on planes.
Eurostar currently operates services in five countries: the UK, Belgium, France, the Netherlands and Germany. The most popular route, London to Paris, attracted more than 280,000 passengers last year.
The company behind St Pancras, the London train station where Eurostar operates, and Getlink SE, the Channel Tunnel operator, said earlier this year they wanted to open more services to France and new routes to Germany and Switzerland.
Last year, a report from campaign group Transport and Environment (T&E) rated Eurostar the worst-performing of 27 European rail services. The survey considered factors such as ticket prices, reliability and experience. Eurostar disputed the findings.
