British billionaire Richard Branson’s Virgin Group is looking to raise £700 million ($900 million) to fund its ambitious plan to launch cross-channel rail services, challenging Eurostar’s dominance, the company announced on Sunday.
The proposed high-frequency service would connect London, Paris, and Brussels, with potential future expansion to Amsterdam. Virgin plans to secure £300 million in equity and £400 million in debt to finance the project.
If successful, this would be the first direct competitor to Eurostar’s 30-year-old network, with a potential launch as early as 2029.
“The cross-Channel route is ripe for change and would benefit from competition,” a Virgin spokesperson stated, adding that the company is actively seeking investment partners but has not yet committed to launching the service.
Eurostar welcomed the move, saying that increased competition reflects growing demand for rail transport across Europe.