Closure of financing for the West Coast Main Line project is expected to be reached in March 2008.
Nomad West Coast Limited will provide WiFi wireless internet services for passengers on Virgin’s high-speed trains on the West Coast Main Line between London, the West Midlands, the North West, North Wales and southern Scotland. First Class passengers will be able to connect to the WiFi portal for free, as it is included in the fare; Standard Class passengers will pay standard T-Mobile tariffs of £5 – £10 per trip.
Investec UK is providing £5.5 million of debt funding for the deal.
Operis audited the financial model on behalf of Investec and Nomad.