FS Italiane Group, a co-owner of Avanti West Coast, has confirmed its intention to launch a €1bn (£856.6m) high-speed rail service that would compete with Eurostar, connecting London and Paris by 2029.
The group, which partners with FirstGroup in operating Avanti West Coast, has earmarked €1bn for the venture and has entered into a memorandum of understanding with Spanish mobility firm Evolyn, as reported by .
Should the project proceed, it will feature Italian-made trains.
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In a statement, FS Italiane Group expressed its goal to "enhance rail competitiveness on the Paris-London route, providing an alternative to air travel while contributing to a more environmentally friendly, customer-centric mobility sector".
Having been active in France since 2021 and owning the c2c rail service, FS Italiane Group is also looking at increasing capacity at London St. Pancras station and seeking funding avenues for the initiative.
Stefano Antonio Donnarumma, FS Group's chief executive and general manager, remarked: "This investment is a decisive step forward in FS Group's vision of building a more integrated, competitive and sustainable European rail network, in line with the objectives of the 2025-2029 strategic plan, which places an increasing focus on passenger transport abroad to accelerate FS Group's international development."
"High-speed rail networks are the backbone of efficient and environmentally friendly mobility, and by expanding our presence on key corridors, we are not just investing in infrastructure and innovation, but also in the future of European transport."
"More competition will help to create a more efficient and customer-oriented industry, offering a real alternative to air travel."
Eurostar rivals line up
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The announcement comes as the latest company aiming to compete with Eurostar's dominance over Channel Tunnel services was unveiled in March.
Gemini revealed last month that it had applied to the Office of Rail and Road (ORR) for access to Eurostar's Temple Mills depot, essential for parking and maintaining high-speed trains that operate across the Channel.
Initially, services would connect London with Paris/Brussels, with plans to expand to other destinations.
Chaired by industry stalwart Lord Tony Berkeley, Gemini boasts a team of seasoned rail executives and innovative thinkers dedicated to introducing open access services to the cross-channel route.
Since its inception in 1994, Eurostar has enjoyed an unchallenged monopoly on the Channel Tunnel route. However, recent years have seen the emergence of several open-access competitors, promising more competitive pricing and increased service frequency.
Richard Branson's Virgin Group and Evolyn, a Spanish company backed by Mobico's largest shareholder, have both lodged applications with the Office of Rail and Road (ORR).
It is speculated that at least five firms are eyeing the route, with Channel Tunnel operator Getlink expressing interest in utilising any spare capacity.
Troubles continue at Avanti West Coast
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In December 2024, City AM reported that despite being named one of Britain's least reliable rail operators, Avanti West Coast's turnover had exceeded £1bn.
The rail firm reported a turnover of £1.01bn for the year ending 31 March 2024, an increase from the previous year's £967.4m.
However, Companies House records revealed a slight dip in Avanti West Coast's pre-tax profit, falling from £12.8m to £12.3m over the same period.
Avanti, which took over the west coast mainline from Virgin Trains in December 2019, is 70% owned by FirstGroup and 30% by Trenitalia.
Avanti West Coast operates train services between London Euston and several major cities including Birmingham, Liverpool, Manchester, and Glasgow.
However, according to data from the ORR, it had the third worst reliability record among all operators in Britain for the year to 31 March 2024.
Approximately one in 15 trains (6.9%) were cancelled during the 12-month period, including services scrapped before 10pm the night prior due to crew shortages.