MYTON LAW ADVISES WASCOSA ON MULTI MILLION POUND RAIL WAGON CONTRACT

Myton Law has advised Wascosa on a major, multi-million pound wagon leasing contract with Network Rail.  Under the terms of the agreement Lucerne-headquartered Wascosa is to provide 570 wagons, which are to be used in track maintenance and network development.

Hull-based Myton Law, a specialist rail, shipping and transport firm, has been working with Wascosa for over a year to form a UK subsidiary, Wascosa UK Ltd, and to negotiate and put in place a complex range of agreements including an operational lease with Network Rail, an overhaul and maintenance contract with GB Railfreight, a finance arrangement for the acquisition of the wagons and English law guidance in respect of the wagon build contracts between Wascosa and Greenbrier Europe. 

Myton Law’s work on the project will culminate with the signing of the 10-year maintenance agreement by Wascosa and GB Railfreight during November, following the signing of the lease to Network Rail on October 16.  The first of the wagons, which will be manufactured by Greenbrier in Poland and Romania, will start to be delivered in October 2021.

The Myton Law rail team was led by director Chris Thornes, formerly head of commercial law at DB Cargo UK before he joined Myton in 2016 following ten years as an in-house lawyer in the rail industry.

Chris Thornes said, “Wascosa is a highly regarded pioneer in this industry, so it has been very exciting to support them in developing this major new leasing contract, which has involved a complex set of agreements covering finance, purchase and leasing right through to on-going maintenance.”

Commenting Wascosa’s Chairman and Owner, Philipp Müller said, “For Wascosa, this achievement is recognition of our determination to develop efficient and innovative solutions for wagon users.  We are delighted to have been selected to serve Network Rail’s wagon needs and look forward to working closely with Network Rail’s team and our partners to deliver a first class service over the coming years.

“Chris Thornes at Myton Law has been a valuable advisor in this transaction providing UK law guidance combined with experience from his many years of experience in the UK rail sector,” Philipp Müller added.