Public transport firm Stagecoach has been awarded a new East Midlands-based rail franchise after agreeing to pay the government £133 million over the next eight years.
The Department for Transport (DfT) has promised that the agreement will see more services and extra capacity for rail travellers between London, the Midlands and the north of England.
Midland Rail, a subsidiary of Stagecoach, will takeover the reins of the franchise on November 11th, which will run until April 2015.
The agreed deal will see existing Midland Mainline services from London St Pancras and the eastern section of Central Trains combined.
"This agreement will increase value for money, improve performance and accommodate future growth in demand," commented rail minister Tom Harris.
"From new and faster services to increased security at stations, I am pleased that this new franchise will deliver so many benefits to passengers in the East Midlands."
Stagecoach founder Brian Souter said he was "delighted" to be entrusted by the government to run a "key rail franchise that is the heart of the UK transport and logistics economy, with significant growth potential".
Among the improvements the DfT claims the franchise will bring are a nine per cent increase in peak capacity in and out of London St Pancras by 2010; reduced journey times between Sheffield, Derby and London; £5 million-worth of station improvements and improved punctuality.
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