Jurisdiction(s):
United Kingdom

Key definition

Financier definition

What does Financier mean? In legal practice, “financier” describes any commercial funder that provides credit or purchases receivables, including banks, non‑bank lenders and specialist providers. It is a descriptive expression rather than a statutory or case‑law term of art, and is usually defined in facility or receivables finance documents to identify the party advancing funds and holding rights under the finance and security package. Common examples include receivables financiers, asset‑based lenders (ABL), invoice discounters and factors, term or revolving lenders, mezzanine or bridge lenders, trade/stock financiers and equipment lessors. Key legal features: the financier advances monies or buys receivables; charges interest and fees; may take...

UK passenger rolling stock finance: residual value, manufacturer, lessor and operator risks; security, insurance and international considerations

Published by a LexisNexis Banking & Finance expert

Practice notes

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Following privatisation, purchases of new passenger rolling stock were typically funded by the trio of original bank-owned rolling stock companies (ROSCOs) through facilities provided by their parent banks. The three ROSCOs—Angel Trains, Eversholt Rail and Porterbrook Leasing—were established at privatisation and, after a sequence of ownership changes, each ultimately came under bank control.

The Royal Bank of Scotland took control of Angel Trains, HSBC acquired Eversholt Rail, and Abbey National (subsequently Santander) bought Porterbrook Leasing. Between 2008 and 2010, those banks sold the companies to a range of investors, thereby diversifying ownership beyond the banking groups.

Since the disposal of the ROSCOs by their bank owners, and with other rolling stock lessors and new financiers also entering the market, passenger rolling stock lessors have generally sourced funding for fleet purchases from the wider debt and capital markets rather than solely from bank-backed facilities. This Practice Note sets out the principal risks a financier will weigh when determining whether to advance funding for the acquisition of new UK passenger rolling stock...

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Web page updated on 22/05/2026

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