Rail finance

Ranked amongst the top firms by leading legal directories for rail finance, our award-winning team has a well-established reputation for excellence. We have extensive international experience in all areas of rail finance, including regularly advising financiers on new markets, new fleets of rolling stock and portfolio transfers as well as infrastructure investment.
  • Profile
  • Experience
  • Key contacts

Our award-winning team is led by partners who all have deep industry knowledge and expertise across a range of jurisdictions.

We advise on both single-jurisdiction and cross-border financings including complex loan financing transactions, leasing transactions, and portfolio transactions. We are acknowledged market leaders for advice on the development of new and innovative financing structures for the global rail sector and are the "go to" counsel for an impressive group of leading clients.

We regularly host top table dinners, conferences, seminars and forums which facilitate discussion within the industry and regularly contribute to industry press.

Our team works with a network of international counsel who are experts in the rail sector to deliver specialist advice around the world.

Twitter: @legalrail

Source says: "It is an experienced firm; we can always trust the team to be on top of our transactions, and make us aware of potential issues and risks."
Chambers UK 2020

Rock Rail Limited

Advising new entrant into the rolling stock market on new rolling stock financing including the East Anglia, Moorgate, Northern and TPE rolling stock procurements.


Advising CAF on the Caledonian Sleeper rolling stock financing arrangements.


Advising the financiers on the new rolling stock for London Overground.  Advising CAF on its bid to supply a new fleet of trains to TfL for that concession.

Rolling stock financing

Advising on the financing of rolling stock transactions in the UK including East Anglia, Moorgate, Northern, Southern, TPE and West of England.

Operational Depots

Advising Abellio, the Dutch passenger operator, on the financing of a new depot at Brantham in Suffolk, required to support its ongoing operations as part of its new rolling stock procurement.

Corelink Rail Infrastructure Limited

Advising CoreLink Rail Infrastructure, a new entrant to the rail finance market, on the financing of 100+ new trains from Bombardier Transportation and CAF for the West Midlands rail franchise.


Lisa Marks Partner

T:  +44 20 7809 2575
M:  +44 7827 353 107 Email Lisa | Vcard Office:  London


Tammy Samuel Partner and co head of rail

T:  +44 20 7809 2227
M:  +44 7766 991 053 Email Tammy | Vcard Office:  London


Suzanne Tarplee Partner and co head of rail

T:  +44 20 7809 2389
M:  +44 7718 247 220 Email Suzanne | Vcard Office:  London

Latest news & insights

05 Nov 2021

From Insights

What role can rail play in achieving COP26's objectives?

Unlike shipping and aviation, rail transport is probably one of the simplest ways of delivering a lower carbon economy.


01 Apr 2020

From Insights

COVID-19: Force majeure in the rail industry

As the impact of COVID-19 builds every day, supply chains are being significantly disrupted and businesses' rights and obligations under contracts are coming into shar..


06 Feb 2020

From Insights

Brexit snapshot - Brexit and finance transactions

In this article, we set out an overview of the status of Brexit in relation to issues in finance transactions. We look at the position where there is a deal between th..


05 Dec 2019

From Insights

Rail: a round-up of 2019 and looking forward to 2020

With the end of 2019 rapidly approaching rail partners Tammy Samuel, Suzanne Tarplee and Darren Fodey offer their thoughts on rail in 2019 and look forward to what are..


17 Oct 2019

From Insights

What impact would a no-deal Brexit have on rail finance?

Lisa Marks and Darren Fodey assess the implications that a no-deal Brexit scenario would have on the rail finance market.


21 Aug 2019

From News

Stephenson Harwood advises Abellio on £3.3 billion franchise

Law firm Stephenson Harwood LLP has advised long-standing client Abellio on the mobilisation of its new East Midlands franchise for the Department for Transport (DfT),..


07 May 2019

From Insights

Funds for investment

In a recent Rail article, senior associate Richard Hughes discusses the use of private finance to deliver railway infrastructure, and the common themes that are emergi..


08 Apr 2019

From Insights

Settling the score

Writing for Rail Professional, Paul Thwaite and James Hammond consider the issues that arise when a bidder for a public contract wants to challenge the scores awarded ..


© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.