Rail management on track thanks to firm

City law firm Theodore Goddard advised management in its victory over the bidding war for Freightliner, British Rail's container freight business.

The buy-out was overseen by James Ballingall, head of the firm's railway group.

Theodore Goddard has advised a number of parties bidding for parts of British Rail as it goes through the Government's privatisation process.

The firm represented a National Westminster Bank consortium which failed to see through a bid for one of the rolling stock companies.

Theodore Goddard also acted for a management buy-out team which was defeated in its tender for the Gatwick Express rail link.

Ballingall said: "I must admit it is good to be on the winning side of the line this time. Not only did we have to settle the sale arrangements with British Railways Board and negotiate complex financing, but we had to complete a massive due diligence exercise at breakneck speed."

Freightliner transports containers on over 400 trains per week between ports in the South East and a network of inland terminals. It has an annual turnover of £85 million.