Sir Richard Branson’s Virgin Group is aiming to raise £700m to fund its bid for new cross-channel rail services rivalling Eurostar, according to reports.
According to the Financial Times, Virgin Group has said it is looking to raise £300m in equity and £400m in debt for the project.
Travel Gossip reported in November 2023 that plans for the service are in the early stages.
While no exact dates have been given, the Financial Times added Virgin Group could launch as early as 2029 with services connecting London with Paris and Brussels, and extending to Amsterdam in the future.
In a statement to news service, Reuters, the company said: “While Virgin is not committing to launching a service just yet, we are seeking investment from likeminded partners to invest alongside Virgin and we are delighted with the progress made so far.”
